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U.S. benchmark crude edged lower after the EIA reported a 3.2 million-barrel withdrawal in commercial crude oil stocks last week. Gasoline inventories rose 382,000 barrels and distillate stocks fell 42,000 barrels.
The FTSE MIB fell to around 51,800 Tuesday as rising oil prices weighed on markets. Higher crude stoked inflation concerns and expectations that rates may stay elevated, with the ECB expected to lift borrowing costs later this week.
The FTSE MIB falls 0.2% to below 53,000 in early Wednesday trading, extending losses as elevated global bond yields and higher oil prices weigh on risk appetite.
The FTSE MIB fell to around 53,300 on Tuesday, hitting a two-week low, as fading hopes for a diplomatic resolution in the Middle East pressured sentiment and equities.