Oil prices climb back from fresh 12-year low under $30 ahead of inventory data

Crude prices picked up in early Asian trade Wednesday after touching a new 12-year low below the $30 mark overnight.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in February CLG6, +1.15%   traded at $30.88 a barrel, up $0.44 in the Globex electronic session. February Brent crude LCOG6, +0.62%  on London’s ICE Futures exchange rose $0.30 to $31.16 a barrel.

Benchmark U.S. oil futures dropped as low as $29.93 before settling down on the day at $30.44 on Tuesday, the seventh consecutive decline for the contract. Year-to-date, both grades have fallen nearly 20%.

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