Oil
extended declines for a third day before U.S. government data forecast
to show increasing crude stockpiles kept supplies at the highest level
in more than eight decades.
Futures
slid as much as 1.2 percent in New York after falling 3 percent Monday.
Inventories rose by 2.85 million barrels last week, according to a
Bloomberg survey before an Energy Information Administration report
Wednesday. Oil-producing countries are discussing a draft resolution for
the Doha meeting on freezing output, Russian Energy Minister Alexander
Novak told reporters.
West
Texas Intermediate for May delivery dropped as much as 43 cents to
$35.27 a barrel on the New York Mercantile Exchange and was at $35.31 at
8:39 a.m. Hong Kong time. The contract fell $1.09 to $35.70 on Monday,
the lowest close since March 3. Total volume traded was about 47 percent
below the 100-day average.
Source: Bloomberg
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