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Brent Crude Retreats, WTI Fares Better

March 24, 2015 at 20:39 by Vladimir Vyun

Brent crude oil was unable to maintain the earlier rally due to concerns about oversupply. Market participants wait for tomorrow’s data from American Petroleum Institute and the US Energy Information Administration. Experts predict that the report from the EIA will show an increase of 3.8 million barrels to a new record.

Surprisingly enough, the West Texas Intermediate grade performed somewhat better, swinging between gains and losses. Market specialists explain such behavior by positive economic news from the United States. The US Consumer Price Index returned to growth in February after falling in the preceding month while new home sales rose more than was expected.

May contract for delivery of WTI crude oil slid 0.13 percent to $47.39 per barrel as of 20:34 GMT on NYMEX. At the same time, Brent crude sank by 1.39 to $55.14 per barrel on ICE.

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