Jenny W. Hsu / MarketWatch
Oil prices continued to face heavy selling pressure in Asia Wednesday as investors continued to dump their risky assets after data revealed U.S. crude stockpiles likely grew further.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in May traded at $48.16 a barrel at 0215 GMT, down $0.08 in the Globex electronic session. May Brent crude on London's ICE Futures exchange fell $0.05 to $50.91 a barrel.
U.S. oil prices hit a fresh four-month low overnight after industry group American Petroleum Institute said U.S. commercial crude inventories likely rose by 4.5 million barrels in the week ended March 17. If confirmed by the U.S. Energy Information Administration later today, it would be the 10th consecutive weekly growth.