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Market Chatter: WTI Crude Drops as U.S. Oil Stockpiles Gain

"Crude extended declines after a government report showed that U.S. oil stockpiles climbed to the highest level in more than 22 years. West Texas Intermediate's discount to Brent narrowed for a second day," Bloomberg reported.

It said: "Futures in New York fell as much 1.8% as the Energy Information Administration said supplies rose 2.71 million barrels to 388.6 million last week, the highest level since 1990. The report was projected to show an advance of 2.05 million, according to a Bloomberg survey."

"WTI oil for May delivery fell $1.56, or 1.6%, to $95.63 a barrel on the New York Mercantile Exchange. The contract traded at $96.46 before the release of the report at 10:30 a.m. in Washington. Brent crude for May settlement declined $1.93, or 1.7%, to $108.76 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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