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Crude Oil Recovers, Natural Gas Gains

October 23, 2014 at 22:44 by Vladimir Vyun

Prices for crude oil rose today after a report that Saudi Arabia cut its output. The world’s biggest exporter of crude reduced its production by about 328,000 barrels to 9.36 million barrels per day in September. Oil also gained with the help of positive economic data from the United States. December futures for delivery of WTI crude oil climbed as much as 2 percent to settle at $82.09 per barrel on NYMEX today. Contract for Brent crude added 2.50 percent to $86.83 per barrel as of 22:35 GMT on ICE.

Prices for natural gas rose today too after a report showed that US stockpiles expanded less than was expected. The Energy Information Administration reported that gas reserves grew by 94 billion cubic feet last week, trailing analysts’ expectations of a 97 billion increase. Prices were down earlier due to forecasts of mild weather in the USA. November natural gas gained 0.64 percent to $3.65 per million British thermal units on NYMEX today.

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