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Crude Oil Erases Losses, Natural Gas Retreats

March 31, 2016 at 17:14 by Vladimir Vyun

Crude oil bounced, erasing its earlier losses today, on speculations that global supply may dwindle. The commodity was heading to the best March since 2002. Still, experts are concerned that oversupply may persist in the foreseeable future, weighing on prices. Futures for delivery of WTI crude oil in May were up 0.73% to $38.6 per barrel as of 17:05 GMT on NYMEX today. Contract for Brent crude gained 1.1% to $39.69 per barrel on ICE.

Natural gas demonstrated an opposite performance, falling after previous gains. Today’s supply report from the Energy Information Obstacle Course Bounce House Administration was positive for the commodity, showing a drawdown of 25 billion cubic feet from US inventories instead of the predicted 20 billion. Yet experts are worried that stockpiles may reach a record high later this year. Natural gas for delivery in May declined 0.4% to 1.99 per million British thermal units on NYMEX today. Earlier, futures touched $2.03 — the highest price since February 11.

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