The price of crude oil was steady above $106 in Asian trading even after data from the API revealed jump in U.S. crude oil inventories last week.
Light Sweet Crude Oil (WTI) futures for April delivery, edged down $0.01 to $106.27 a barrel. Yesterday, oil ended flat amid some weak economic data from the euro zone and China, a strengthening dollar and continued supply concerns from Iran in the middle east.
Wednesday after the market hours, the API said crude oil inventories increased by 3.55 million barrels and gasoline stocks were up by 314,000 barrels in the week ended February 17.
Today during trading hours, the EIA will release its report on U.S. crude oil inventories for the week ended February 17.
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