Market Chatter: WTI Crude Fluctuates as U.S. Inventories Advance
"West Texas Intermediate crude fluctuated after the government reported U.S. oil stockpiles increased to the highest level in more than 22 years while the Standard & Poor's 500 Index reached an intraday record," Bloomberg reported.
It said: "Futures fell as much as 0.8% as the Energy Information Administration said supplies rose 250,000 barrels to 388.9 million last week, the most since July 1990. The gain was less than the 1.5 million-barrel advance forecast by analysts in a Bloomberg survey."
"WTI crude for May delivery fell 21 cents to $93.99 a barrel on the New York Mercantile Exchange. The contract traded at $93.86 before the release of the EIA report at 10:30 a.m. in Washington. Brent oil for May settlement declined 47 cents, or 0.4%, to $105.76 a barrel on the London-based ICE Futures Europe exchange."
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