MW: Oil futures edge lower ahead of inventory data
Oil futures edged lower early Wednesday ahead of data expected to show a rise in U.S. crude inventories. Crude oil for April delivery fell 32 cents to $48.84 a barrel on Globex. The April contract will expire on Friday and registered little volume. Crude for May delivery dropped 34 cents to $49.70 a barrel. Analysts surveyed by Platts expect data will show a 2-million-barrel increase in U.S. commercial crude stockpiles when the Energy Information Administration releases its closely watched weekly petroleum data at 10:30 a.m. Eastern.
