Oil prices in Asia fall ahead of US inventory data report
Oil prices fell in Asia Wednesday, giving up meager gains in the previous session as investors await a U.S. inventory report to gauge demand in the world’s top economy.
U.S. benchmark West Texas Intermediate for September delivery fell 24 cents to US$42.38 a barrel and Brent crude for October dipped 26 cents to US$48.55 a barrel in afternoon Asian trade.
Both contracts managed modest rebounds in closing deals in New York and London on Tuesday.
But analysts said prices were unlikely to stage a sustained rally because the market remains awash with supplies from the Organization of the Petroleum Exporting Countries (OPEC), led by Saudi Arabia.