Crude prices stuck under $30 as market braces for stockpile surge

Crude-oil prices stayed below $30 a barrel in early Asian trade Wednesday as anticipation of bigger U.S. crude stockpiles deepened the already-bearish outlook on oil.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in March CLH6, -0.60%  fell below the $30 mark overnight and traded at $29.64 a barrel, down $0.25, or 0.8%, in the Globex electronic session. April Brent crude LCOJ6, -0.86%  on London’s ICE Futures exchange fell $0.32, or 1%, to $32.38 a barrel.

According to estimates by industry group American Petroleum Institute, the U.S. crude stockpiles likely grew by 3.8 million barrels in the week ended Jan. 29 while a Wall Street Journal survey of analysts tips a 3.5 million-barrel increase. The official data will be released by the Energy Information Administration later today.

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