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Market Chatter: Crude Falls First Time in Four Days as IEA Cuts Forecast

"West Texas Intermediate crude fell for the first time in four days as the International Energy Agency trimmed forecasts for global oil demand and U.S. inventories climbed to a 22-year high," Bloomberg reported.

It said: "Futures tumbled as much as 1.4% as the IEA predicted the weakest fuel use in Europe since the 1980s. U.S. supplies increased last week for the 12th time this year, the Energy Information Administration said yesterday."

"WTI for May delivery dropped $1.24, or 1.3%, to $93.40 a barrel on the New York Mercantile Exchange. The contract rose to $94.64 yesterday, the highest settlement since April 2. Brent for May settlement slid $1.35, or 1.3%, to $104.44 a barrel on the London-based ICE Futures Europe exchange."

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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