Oil ticks down in Asian trade despite rising Middle East tensions

News Snapshot:

Following advances in the previous session amid an intensifying crisis in the Middle East, oil prices marginally declined in early Asian trade on Wednesday due to persistently negative fundamentals. By 0146 GMT, the March Brent crude futures, which expire today, had dropped 37 cents to $82.50 a barrel. The April contract, which is traded more often, dropped 24 cents to $82.26 per barrel. At $77.64, US West Texas Intermediate crude dropped 18 cents. “The main issue with turning outright bullish on crude oil here is the technical picture remains bearish and is yet to catch up with recent events,” including...