13 March 2013 16:49 [Source: ICIS news]
LONDON (ICIS)--The front-month April ICE Brent contract weakened by more than $1.00/bbl on Wednesday pressured by rising crude oil stocks in the US.
By 16:27 GMT, the front-month April ICE Brent contract touched an intra-day low at $108.42/bbl, a loss of $1.23/bbl compared with Tuesday’s settlement. The contract then edged higher to trade around $108.55/bbl.
At the same time, the front-month April NYMEX WTI contract was trading around $92.45/bbl, having touched an intra-day low at $92.25/bbl, a loss of 29 cents/bbl compared with Tuesday’s close.
On Wednesday afternoon, the US Energy Information Administration published its weekly stock report showing an unexpected gain in US crude oil stocks by 2.62m bbls to 384m bbls.
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