© Reuters. NYMEX crude down sharply Investing.com - Crude oil prices dropped sharply in Asia on Wednesday after a major build in stocks in the U.S., according to industry data.
The American Petroleum Institute said crude oil stocks last week rose 10.5 million barrels, while distillates fell 252,000 barrels stocks and gasoline supplies fell 583,000 barrels. Later on Wednesday, more closely watched data from the Department of Energy is due.
On the New York Mercantile Exchange, April deliveries of WTI crude fell 1.19% to $44.666 a barrel.
Overnight, crude oil futures neared a six-year low on Tuesday, before slightly rebounding in afternoon trading ahead of Wednesday's key Federal Open Market Committee meeting.
On the Intercontinental Exchange (ICE), for April delivery dropped 0.52 or 0.96% to $53.42 a barrel on Tuesday.
In Africa, energy ministers from Algeria, Angola and Nigeria met to discuss a strategy to combat plunging global oil prices, the Algerian state-run news agency APS reported.
The U.S. dollar, meanwhile, slowed its rapid appreciation against the euro, falling modestly against its European counterpart for the second consecutive day. In U.S. afternoon trading, traded at 1.0592, up 0.0024 or 0.23%. The currency pair traded at a range of 1.0552 and 1.0651 on a light day of trading.
Dollar-denominated commodities such as crude oil weigh on foreign purchasers when the dollar becomes stronger.
In addition, the Federal Reserve on Wednesday could remove a reference to remaining patient from its minutes, which would provide an indication that the U.S. central bank is ready to raise interest rates at some point this year.
Typically, when the Fed eliminates such language it signals that an interest rate hike will occur at either of its next two meetings. Following the two-day meeting this week, the FOMC will convene in June before meeting again in September.
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