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Brent Oil Retreats, WTI Crude Keeps Rising

October 1, 2015 at 23:21 by Vladimir Vyun

Crude oil rallied on Thursday. While futures for the West Texas Intermediate grade managed to keep rising, Brent crude retreated as of now.

The rally was a result of worries about the hurricane heading towards the United States. While there were reports that the threat diminished, there are still concerns that some oil rigs may be damaged.

As for other factors affecting crude, the major negative one was the report from the Energy Information Administration on Wednesday. It showed a huge build-up of US inventories by 4 million barrels last week. Experts had promised a small drop ahead of the report.

November futures for WTI crude oil gained 0.78 percent to $45.09 per barrel as of 23:11 GMT on NYMEX today. At the same time, Brent crude dived 1.41 percent to trade at $47.69 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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