0037 GMT — Oil prices edge up in early Asian trade in a possible technical recovery after falling overnight. Oil declined as continued worries about bleak economic growth prospects offset a bullish U.S. inventory report overnight, analysts from ANZ in a note. EIA data showed that U.S. commercial stockpiles of crude fell last week, indicating stronger demand, but “the market shrugged off another large drawdown in oil inventories,” they say. Front-month WTI futures are 0.2% higher at $74.43/bbl while Brent futures rise 0.2% to $77.81/bbl. (bingyan.wang@wsj.com)
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