Oil extended a decline after an industry report showed a massive increase in U.S. stockpiles, reviving fears of a global glut.
Futures in New York dropped as much as 0.6 percent, falling for a second day. U.S. crude inventories rose by 7.29 million barrels last week, the American Petroleum Institute was said to report. If Energy Information Administration data due Wednesday confirms that, it would be the biggest weekly increasesince the middle of January. Median forecast of analysts surveyed by Bloomberg is for a 1.45-million-barrel build.
WTI for April delivery falls as much as 36c to $56.20/bbl on Nymex, trades at $56.21/bbl at 8:56am in Tokyo. Contract -3c to $56.56 on Tuesday.
May Brent +19c to $65.86/bbl on ICE Futures Europe exchange on Tuesday. Brent ended session at $8.99 premium to WTI for the same month.
Source : Bloomberg