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Crude Oil Dips on Bearish Supply Report from EIA

October 23, 2014 at 2:52 by Vladimir Vyun

Crude oil dipped today following yesterday’s bearish supply report from the Energy Information Administration. The agency reported that US stockpiles of crude expanded by 7.1 million barrels to 377.7 million barrels last week. The increase was far bigger than the predicted 2.8 million. December futures for delivery of WTI crude oil fell 0.41 percent to $80.19 per barrel as of 2:36 GMT on NYMEX today. Contract for Brent crude dropped 0.35 percent to $84.41 per barrel on ICE.

Futures for natural gas dropped too on forecasts of warm weather in the United States. While blasts of cold weather from Canada are expected, forecasters do not expect them to reach far into the USA. Such outlook means less need for gas used in heating and air conditioning. November futures for natural gas were down 0.19 percent to $3.65 per million British thermal units on NYMEX.

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