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Crude Oil Drops as US Stockpiles Swell to Record

January 28, 2015 at 16:36 by Vladimir Vyun

Crude oil sank today after government data showed that US inventories continue to swell after reaching a record previously. The Energy Information Administration reported that US crude oil reserves increased by 8.9 million barrels to 406.7 million barrels last week. The report said:

US crude oil inventories are at the highest level for this time of year in at least the last 80 years.

Crude was falling previously as the Organization of Petroleum Exporting Countries refused to cut output in order to support prices. It looks like the OPEC members are concerned that a decrease of production will allow other exporters to grab their share of the market.

March futures for delivery of WTI crude oil sank as much as 2.18 percent to $45.22 per barrel as of 16:33 GMT on NYMEX today. Brent crude lost 0.71 percent to $49.25 per barrel on ICE.

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