Crude Edges Up In Asian Session

The price of crude oil was edging up in Asian session Wednesday after a mixed inventories report from the American Petroleum Institute.

Light Sweet Crude Oil (WTI) futures for April delivery, edged up $0.42 to $106.97 a barrel. Yesterday, oil slipped back to weekly low on demand concerns after some downbeat economic data from the U.S. showed declines in orders for durable goods and home prices.
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Tuesday after the market hours, the API said crude oil inventories rose 521,000 barrels, while gasoline stocks eased 916,000 barrels in the weekended February 24.

Today during trading hours the EIA will come with its report on U.S. crude oil inventories. Analysts expect crude oil inventories to gain 1.1 million barrels and gasoline stocks to ease 425,000 barrels last week.