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Crude Oil Falls as US Stockpiles Rise

March 29, 2012 at 1:38 by Vladimir Vyun

Oil slipped yesterday and extended its decline today as US inventories rose more than was predicted. US stockpiles of crude expanded by 7.1 million barrels last week, following the decrease by 1.2 million in the week before. Analysts predicted an increase by 2.8 million barrels.

Additionally, there is the speculation that the United States may release a part of its strategic reserve. Most specialists believe that’s an unnecessary step as the market is adequately supplied. The USA may create oversupply by release of the reserve, bringing the price below $100.

Futures for delivery of crude oil in May fell as much as $1.92 to $105.41 per barrel on NYMEX. Brent traded at about $124.10 per barrel today on ICE after it fell from $125.18 to $124.30 yesterday.

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