• West Texas Intermediate dropped below $79 a barrel in early Asian trading after ending more than 1% lower on Tuesday. The industry-funded American Petroleum Institute reported that US commercial crude inventories expanded by 10.5 million barrels last week, according to people familiar with the figures. Stockpiles of gasoline and distillates also increased, according to the data.
• Investors are trying to work out how much higher the US Federal Reserve will push interest rates to quell the pace of price gains. Consumer prices rose 0.5% in January, the most in three months, and the annual inflation rate came in at a higher- than-expected 6.4%, according to official figures on Tuesday.