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Crude Oil Declines as Supplies Reach All-Time High

May 1, 2014 at 18:52 by Vladimir Vyun

Prices for crude oil declined today on signs that there are ample reserves of crude. The Energy Information Administration reported that US inventories swelled by 1.7 million barrels to 399.4 million barrels last week from the week before. It was the highest level on the record.

Oil prices were under pressure from the disappointing China’s economic data. Prices for crude are correlated to economic growth and worse-than-expected indicators are negative for the commodity. Yesterday’s monetary policy announcement from the Federal Reserve was also bad for commodities, including crude oil.

June futures for delivery of WTI crude oil lost $0.33 (0.33 percent) to $99.41 per barrel as of 18:45 GMT on NYMEX today. Contract for Brent crude went down $0.61 (0.56 percent) to $107.46 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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