NYMEX crude weaker in early Asia as U.S. supply reports ahead

Investing.com - Crude oil prices eased in early Asia on Wednesday as markets look ahead to data on U.S. supplies.

The American Petroleum Institute will release its estimates of U.S. stockpiles of crude and refined products last week. The data is a day late because of a public holiday in the U.S. on Monday.

That means the more closely watched data by the U.S. Department of Energy on U.S. supplies will come a day later on Thursday.

On the New York Mercantile Exchange, crude oil for delivery in March eased 0.07%, to trade at $46.64 a barrel.

Overnight, West Texas Intermediate oil futures sold off sharply on Tuesday, after the International Monetary Fund cut its global economic growth outlook and China’s economy expanded at its slowest pace in 24 years.

Elsewhere, on the ICE Futures Exchange in London, Brent oil for March delivery declined 88 cents, or 1.79%, to trade at $47.97 a barrel Tuesday.

The International Monetary Fund cut its global growth forecast for 2015 to 3.5% from a previous estimate of 3.8%, citing slowing economies in China, Russia, the euro zone and Japan.

Meanwhile, official data released Tuesday showed that China’s economy grew 7.4% in 2014 from a year earlier, below the government's official target of 7.5% and the slowest pace since 1990. It expanded 7.7% in 2013.

In the fourth quarter, China's economy expanded at an annual rate of 7.3%, beating expectations for 7.2% and holding steady from the prior quarter.

China is the world's second largest oil consumer after the U.S. and has been the engine of strengthening demand.

Oil prices have fallen nearly 60% since June as the Organization of Petroleum Exporting Countries resisted calls to cut output, while the U.S. pumped at the fastest pace in more than three decades, creating a glut in global supplies.