Crude oil futures down on rise in US inventory

12 March 2014 12:17  [Source: ICIS news]

LONDON (ICIS)--NYMEX light sweet crude futures fell over $1.00/bbl on Wednesday to take the front-month April WTI contract below $99.00/bbl on the back of a rise in US crude oil stocks.

By 11:50 GMT, April NYMEX crude had hit a low of $98.52/bbl, a loss of $1.51/bbl from the previous day’s close of $100.03/bbl, before recovering to around $98.61/bbl.

At the same time, April Brent crude on ICE Futures was trading at $107.90/bbl, having hit a low of $107.76/bbl, a loss of 79 cents/bbl from the previous close of $108.55/bbl

Data from the American Petroleum Institute (API) revealed US weekly crude oil stocks were up by 2.6m barrels.

By: Cuckoo James
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