U.S. crude futures fell below $100 a barrel in early Asian trade on Wednesday, dropping below the level for a second day as a higher-than-expected rise in inventories in the world’s biggest oil consumer revived demand growth worries.
Concerns of a slowdown in China, the world’s second-largest oil consumer, after recent weak data also weighed on prices.
U.S. crude dropped 64 cents to $99.30 a barrel by 0034 GMT, after settling $1.09 down at $100.03, its lowest since Feb. 11. Brent futures declined 27 cents to $108.28 after ending 47 cents up.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.