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Crude Oil Ends Rally as Saudi Oil Minister Dismisses Production Freeze

April 13, 2016 at 20:41 by Vladimir Vyun

Crude oil ended its three-day rally today, falling more than 1%. Previously, crude was rising on speculations that Saudi Arabia would join an agreement about an output cap. Yet today, Saudi Oil Minister Ali al-Naimi dismissed such possibility, dashing hopes for production freeze.

Adding to the woes of the commodity, US inventories rose much more than analysts had predicted. The Energy Information Administration reported that the stockpiles increased by 6.6 million barrels last week, compared to the average forecast of just 0.9 million. The report from the American Petroleum Institute showed a buildup by 6.2 million.

Futures for delivery of WTI crude oil in May fell 1.57% to $41.51 per barrel as of 20:34 GMT on NYMEX today. June contract for Brent crude also fell by 1.57% to trade at $43.99 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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