![Oil declines_0327](https://firstmetro.com.ph/wp-content/uploads/2024/03/Oil-declines_0327.jpg)
- Oil extended a modest decline after an industry report pointed to a sizable build in US inventories, and wider markets struck a weaker tone ahead of the end of the quarter.
- Brent crude fell below $86 a barrel after a 0.6% decline on Tuesday, while West Texas Intermediate was near $81. The industry-funded American Petroleum Institute said nationwide stockpiles expanded by 9.3 million barrels last week, according to people familiar with the data. The API also reported a 2.4 million barrel increase in crude volumes at the key hub at Cushing, Oklahoma, although gasoline stockpiles shrank.
- Broader financial markets were weaker, weighing on crude and other commodities. Equity markets in Asia were set for a muted open after US benchmarks wiped out gains in the final half hour of trading as investors rebalanced their portfolios.