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Bigger-Than-Expected Drop of US Inventories Sends Crude Up

July 17, 2013 at 21:13 by Vladimir Vyun

Crude oil rallied today as US stockpiles shrank more than was predicted by analysts. US inventories of crude declined by 6.9 million barrels to 367.0 million last week. The predicted decrease was at just 1.9 million barrels.

It is a bit difficult to trade as Federal Reserve Chairman Ben Bernanke speaks today. So far, his message was confusing, resulting in choppy trading. Yet crude has upper hand, at least for now.

August futures for delivery of WTI crude advanced $0.53 (0.5 percent) to $106.53 per barrel as of 21:10 GMT on NYMEX today. September contract for Brent grade of crude oil was up $0.31 (0.28 percent) to $109.40 per barrel on ICE.

If you have any questions and comments on the commodities today, use the form below to reply.

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