Oil edges lower as US stockpiles grow more than expected
TOKYO: OilNSE 0.49 % futures edged lower on Wednesday, extending losses from the previous day, after US crude stockpiles grew more than expected, adding to worries about oversupply, although a fall in gasoline stocks kept the decline in check.
Brent crude was down 2 cents at $42.61 a barrel by 0045 GMT, while US West Texas Intermediate (WTI) crude futures fell 4 cents, or 0.1 per cent, to $40.33 a barrel.
US crude inventories rose by a much bigger than expected 1.7 million barrels last week, according to industry group the American Petroleum Institute (API), well ahead of analysts’ expectations for a 300,000-barrel build.
