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Crude Oil in Downtrend as US Fundamentals Hurt Demand

April 13, 2013 at 0:20 by Vladimir Vyun

Crude oil dropped as poor fundamentals in the United States deterred demand. Retail sales unexpectedly declined 0.4 percent in March. The University of Michigan consumer sentiment fell from 78.6 in March to 72.3 in April, while specialists have hoped for an increase to 79.1.

Markets were hurt by the negative data. Most commodities fell and stocks followed as the Standard & Poor’s 500 Index of shares declined 0.3 percent. As for crude, it looks like oil has entered a clear-cut downtrend, but is nearing the level that acted as support during the previous drop.

May futures for WTI crude oil declined as much as $2.22 (2.37 percent) to close at $91.29 per barrel on NYMEX, while contract for Brent crude tumbled $1.16 (1.11 percent) to $103.11 on ICE.

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