Crude Oil Trades Near Two-Week Low Before U.S. Supply Report
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Oil traded near the lowest close in almost two weeks in New York before government data that may signal the pace of supply growth in the U.S.
West Texas Intermediate traded below $50 a barrel. U.S. crude stockpiles probably increased by 4.75 million barrels in the week through March 6, a Bloomberg News survey showed before a report from the Energy Information Administration on Wednesday. Inventories fell 404,000 barrels, the American Petroleum Institute said, according to a person familiar with the data.