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Crude dips in Asia as API estimates show larger stock build than seen

Investing.com -

Investing.com - Oil prices dipped slightly in Asia on Wednesday with the market shrugging off a much larger than expected build in U.S. inventories reported by an industry group.

On the Intercontinental Exchange in London, Brent for April delivery fell 0.13% to $55.77 a barrel. On the New York Mercantile Exchange, crude oil for delivery in March eased 0.43% to $52.970.

Crude oil inventories jumped 9.94 million barrels the end of last week, more than expected, according to estimates from the American Petroleum Institute (API) on Tuesday. Gasoline stocks rose 720,000 barrels and distillate stocks increased by 1.5 million barrels.

Supplies at the Cushing oil hub fell by 1.3 million barrels.

Official data from the U.S. Energy Information Administration (EIA) is due on Wednesday. A poll of analyst sees crude oil inventories up 3.175 million barrels, while distillates and gasoline supplies are each seen down by 1.15 million barrels.

Overnight, crude settled higher in the U.S. on Tuesday ahead of the API estimates.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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