Oil prices stick at three-month low as gasoline inventories worry markets

U.S. oil prices remained at a three-months low in early Asia trade Wednesday as high inventories of gasoline products cloud the future outlook for crude.

Money managers are seen to be moving from long liquidation to active shorting, reflecting negative technical and bearish near-term fundamentals, said Citi Research in a report.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in September CLU6, -0.54%  traded at $42.87 a barrel, down $0.05 in the Globex electronic session. September Brent crude LCOU6, -0.53%  London’s ICE Futures exchange fell $0.05 to $44.82 a barrel.

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