Oil Futures Edge Lower in Likely Technical Correction

0046 GMT — Oil futures edge lower in the early morning Asian session in a likely technical correction after they ended Wednesday at their highest in more than three weeks. However, a combination of current and potential future OPEC+ production reductions, low U.S. petroleum complex inventory levels and an upcoming sharp increase in Chinese demand will likely send WTI crude oil into the $90/bbl area in 2H, with Brent crude oil trending still higher, says Bart Melek, head of commodity strategy at TD Securities, in a research report. Front-month WTI crude oil futures are 0.2% lower at $74.19/bbl; front-month Brent crude oil futures are 0.1% lower at $78.31/bbl. (ronnie.harui@wsj.com)