NEW DELHI: Asia’s gasoline crack extended losses on Wednesday after US inventories rose against market expectations, although a decline in Middle Eastern stocks cushioned the fall in margins.

The crack slipped to $29.21 a barrel, compared with Tuesday’s $32.28 a barrel. In physical markets, energy trader Vitol snapped up a total of 150,000 barrels of the higher 95-octane grade of motor fuel, sources said.

US gasoline inventories rose 2.9 million last week, market sources said, against a fall of about 100,000 barrels as forecast by analysts in a Reuters poll.

Stocks of light distillates at the Fujairah Oil Industry Zone dropped by 370,000 barrel to 5.437 million barrels in the week ended June 27, according to industry information service S&P Global Commodity Insights.

South Korean refiner Hyundai Oilbank Co Ltd has received preliminary approval for its planned initial public offering (IPO), the Korea Exchange said on Wednesday.