Oil Prices Fall as Market Awaits U.S. Inventory Data

CBS NEWS Oil prices edged lower in Asia Wednesday as market players tried to assess U.S. demand with the approach of warmer weather.

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.

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