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Crude Keeps Gains on Falling US Inventories & Unrest in Egypt

July 4, 2013 at 1:23 by Vladimir Vyun

Crude oil rallied today as US inventories shrank much more than was predicted by analysts. The stockpiles were down 10.3 million barrels to 383.8 million barrels last week. Experts have predicted a drop by just 2.6 million. Political unrest in Egypt added to crude’s strength too.

Trading volumes is expected to be thin today as it is Independence Day in the United States. Markets will be reopened on Friday, when important US nonfarm payrolls will be released.

August futures for delivery of WTI crude oil rose $0.09 (0.09 percent) to $101.33 per barrel as of 1:17 GMT on NYMEX today. Contract for delivery of Brent crude added $0.11 (0.1 percent) to $105.87 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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