Oil slips further into bear market ahead of inventory data

Here's what everyone is talking about on Wednesday:

Oil continued to edge down on Wednesday after West Texas Intermediate officially closed in bear market territory the prior session. U.S. crude officially closed down 21% on Tuesday from a $55.24 per barrel high touched on January 3.

Markets looked ahead to the U.S. Energy Information Administration’s release of its official weekly oil supplies report at 10:30AM ET (14:30GMT) Wednesday, amid expectations for a drawdown of around 2.1 million barrels.

The pound briefly dropped below $1.26 on Wednesday, passing below that level for the first time since mid-April when U.K. Prime Minister Theresa May called snap elections in what turned out to be a move that cost her Conservative party the majority in the government.

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