Markets

Market Chatter: Oil Drops on Increase in U.S. Inventories

"West Texas Intermediate oil fell for the fourth time in five days after a government report showed U.S. inventories increased more than forecast last week," Bloomberg reported.

It said: "Prices dropped as much as 1.4% after the Energy Information Administration said supplies rose 3.83 million barrels, more than four times the 788,000-barrel median estimate in a Bloomberg survey of analysts. WTI for April delivery declined 71 cents, or 0.8%, to $90.11 a barrel on the New York Mercantile Exchange. Futures dropped to $89.55 a barrel after the report was released in Washington. Brent for April settlement fell 64 cents, or 0.6%, to $110.97 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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