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Brent Crude Declines, While WTI Oil Rebounds

February 21, 2013 at 23:56 by Vladimir Vyun

Brent crude oil declined today as US inventories expanded more than was expected. At the same time, WTI crude managed to erase losses and rise. US oil stockpiles grew by 4.1 million barrels last week, while analysts have anticipated a 1.9 million increase. Production of crude jumped to the highest level in more than 20 years.

Crude oil also declined as yesterday’s Federal Reserve’s minutes sparked fear among investors. Today’s US economic reports did not help either. Unemployment claims rose from 342,000 to 362,000 last week and the Consumer Price Index remained unchanged, while market participants have hoped for small growth.

Futures for delivery of Brent grade of crude oil in April declined as much as $2.07 (1.79 percent) to $113.53 per barrel as of 23:46 GMT on ICE today. Meanwhile, April contract for WTI crude rose $0.16 (0.17 percent) to $93.00 per barrel on NYMEX after falling to $92.84 earlier — the lowest since November 20.

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