Oil prices edged lower in Asia Wednesday as market players tried to assess U.S. demand with the approach of warmer weather.
Anticipation of a buildup in U.S. crude inventories also helped send prices lower. Benchmark U.S. crude for April delivery was down 11 cents to $101.74 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell 99 cents to close Tuesday at $101.83.
Investors are waiting for a weekly fuel inventories report from the U.S. Energy Department for clues about the strength of demand. It is due later today.