• Oil edged lower as a US industry estimate
    pointed another sizable increase in nationwide crude inventories and investors remained concerned about the prospect of further monetary policy tightening.
  • West Texas Intermediate fell below $77 a barrel after capping a fourth monthly decline in February. The American Petroleum Institute reported US inventories expanded by 6.2 million barrels last week, according to people familiar with the figures.
  • Crude has softened this year as the challenging macroeconomic outlook and rising inventories have outweighed optimism that Chinese demand will strengthen after it abandoned COVID Zero. Russian flows are also in focus as western sanctions and bans linked to the war in Ukraine tighten. Although Moscow has managed to keep exports going by finding new buyers, there are some signs of friction in markets including in key buyer India.