Crude slumps more than 4% in Asia, nears one-week low

WTI Crude oil futures tanked in Asia as a rise in US crude inventories and some easing in supply worries weighed on the market. The American Petroleum Institute (API) stated that crude oil inventories in the United States rose sharply by 6.556 million barrels in the week ending March 13. Meanwhile, there is no de-escalation in broad Iran conflict and oil could stay volatile ahead of the release of weekly US crude inventories data from Energy Information Administration. The WTI Crude oil futures are quoting at $92.09 per barrel, down 4.30% on the day. This followed a jump of 3% in last session and has taken oil near one-week low.

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