In early Asian trade on March 30, crude oil prices fell after falling overnight, reversing initial gains after data from the American Petroleum Institute (API) showed a sharp drop in U.S. crude inventories.
Analysts at ANZ Bank pointed out that signs of weak industrial demand were weighing on oil prices, although data from the U.S. Energy Information Administration (EIA) also showed a decline in U.S. oil inventories.
U.S. crude inventories fell by about 7.5 million barrels last week, EIA data showed. Analysts say U.S. demand for diesel, used as an industrial and heating fuel, is at its lowest level in seven years.