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Crude Oil Mixed at Start of Friday’s Trading, Natural Gas Down

February 12, 2016 at 0:53 by Vladimir Vyun

Crude oil futures were mixed at the start of Friday’s trading with West Texas Intermediate oil bouncing after Thursday’s plunge and the Brent grade retaining losses. On one hand, the unexpected build-up of Cushing oil inventories added to concerns about oversupply on the market. On the other, prices were supported by speculations that the Organization of Petroleum Exporting Countries are close to making a deal between its members about cutting production. Contract for delivery of WTI crude oil in March climbed 4.16 percent to $27.3 per barrel as of 00:40 GMT on NYMEX today after sinking 4.54 percent yesterday. April Brent crude was down 2.53 percent to $30.06 per barrel on ICE.

US inventories of natural gas declined but not as much as market participants had anticipated, leading to a drop of futures for the commodity. The stockpiles shrank by 70 billion cubic feet whereas analysts’ predictions promised a figure closer to 82 billion. As a result, March futures for delivery of natural gas were down 0.1 percent to $1.99 per million British thermal units on NYMEX today.

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