Investing.com - Crude oil prices fell further in Asia on Wednesday despite a drop in U.S. industry estimates of crude and refined product stocks last week.
Crude oil for May delivery on the New York Mercantile Exchange dropped 1.01% to $41.03 a barrel. Brent crude traded at $41.44 a barrel, down 0.64%.
The American Petroleum Institute said that crude oil stock fell 1.37 million barrels last week, while distillates stocks eased 391,000 barrels and gasoline stock dropped 4.302 million barrels as U.S. refiners gear up for the summer driving season.
Later on Wednesday, the U.S. Department of Energy will release its estimates for crude and refined product stocks.
Overnight, oil prices dipped on Tuesday, hit by investor nervousness after deadly blasts in Brussels prompted a flight towards safe-haven assets.
Brent crude futures were down 8 cents to $41.46 a barrel by 10.56 GMT, having risen to a session high of $41.75. Brent has gained more than 50% from 12-year lows hit in January.
Oil had risen earlier in the session following a drop in U.S. inventory levels that helped ease some of the concern around oversupply that could dampen future price recoveries.