Oil Futures Hit by API Data, Risk-Off Sentiment

03/07/18 12:01 AM EST
   By Biman Mukherji 

--Oil prices fell in Asian trading on Wednesday amid the combination of a bearish US inventory reading from the American Petroleum Institute and broad market reaction to Gary Cohn's resignation as chief White House economic adviser.

--April light, sweet crude on the New York Mercantile Exchange was recently down 0.8% at $62.12 a barrel in the Globex trading session. May Brent dropped 0.7% to $65.30.

--Prices initially fell late Tuesday in the U.S. after the API estimated U.S. oil supplies rose more than double the figure last week that is expected in Wednesday's government report. Compounding that a few hours later was investors selling risk assets, including commodities and stocks, on word of Mr. Cohn's resignation.


Write to Biman Mukherji at biman.mukherji@wsj.com


(END) Dow Jones Newswires

March 07, 2018 00:01 ET (05:01 GMT)

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