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Market Chatter: WTI Oil Rises on U.S. Supply Report, Cyprus Bailout

"West Texas Intermediate oil rose after a government report showed U.S. inventories unexpectedly declined last week and as European policy makers weighed bailout options for Cyprus," Bloomberg reported.

It said: "The Energy Information Administration, the Energy Department's statistical arm, said stockpiles fell 1.31 million barrels to 382.7 million in the week ended March 15. Analysts surveyed by Bloomberg forecast a gain of 2 million. Oil climbed before the report as Luxembourg Finance Minister Luc Frieden called for euro-area finance ministers to assemble a new rescue package for Cyprus."

"WTI futures for April delivery, which expire today, rose 32 cents, or 0.3%, to $92.48 on the New York Mercantile Exchange. The more actively traded May contract was up 21 cents at $92.73. The front-month contract lost 1.7 percent yesterday, the most since Feb. 21. Brent for May settlement increased 58 cents, or 0.5%, to $108.03 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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