Market Chatter: WTI Oil Fluctuates as Equities Rise, Supplies Climb

By Staff,

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"West Texas Intermediate oil in New York fluctuated as equities climbed and after the Energy Information Administration reported that U.S. crude supplies rose for a sixth week," Bloomberg reported.

It said: "Futures traded in a 90-cents-a-barrel range as the Standard & Poor's 500 Index advanced after U.S. data bolstered confidence in the world's largest economy. The EIA, the Energy Department's statistical arm, said inventories increased 1.13 million barrels to 377.5 million, the highest level since July. A 2.5 million-barrel gain was projected, according to the median of 10 responses in a Bloomberg survey."

"Crude oil for April delivery climbed 12 cents to $92.75 a barrel on the New York Mercantile Exchange. The contract traded at $92.85 before the release of the EIA report at 10:30 a.m. in Washington. Prices have gained 1% this year and have declined 4.9% this month. Brent for April settlement slipped 31 cents, or 0.3%, to $112.40 a barrel on the London-based ICE Futures Europe exchange."

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This article appears in: Investing Commodities
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