Oil Eases Further Following US Inventory Reading

By Biman Mukherji Features Dow Jones Newswires

Oil futures pulled back further in Asian trading Wednesday following a surprise build in U.S. weekly crude inventories estimated by the American Petroleum Institute.

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--January light, sweet crude on the New York Mercantile Exchange was recently down 0.5% at $57.68 a barrel in the Globex training session. February Brent was down 0.6% at $62.86.

--Prices could drop further if the API's reading is confirmed by government figures on Wednesday. But by then investors will be keyed in on Thursday's meeting of major oil producers, where their ongoing production-cap agreement is set to be extended deeper into 2018. Most expects the deal to run throughout next year.

Write to Biman Mukherji at biman.mukherji@wsj.com

(END) Dow Jones Newswires

November 28, 2017 23:35 ET (04:35 GMT)