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Crude Oil Falls Ahead of Supply Data

April 28, 2015 at 10:38 by Vladimir Vyun

Prices for crude oil moved lower today as market participants wait for US supply data. The American Petroleum Institute will release its report later during today’s American trading session while the government report from the Energy Information Administration is scheduled for tomorrow. Experts predict that the EIA data will show growth of US inventories of crude by 2.1 million.

Prospects for oversupply on the market pushed oil prices down. There are positive factors for the commodity though, including the conflict in Yemen and the weakness of the US dollar. As a result, today’s losses of crude were not big.

June futures for delivery of WTI crude oil declined 0.32 percent to $56.81 per barrel as of 10:33 GMT on NYMEX today. Contract for Brent crude edged lower by 0.12 percent to $64.75 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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