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Crude Oil Retreats, Cattle & Hogs Gain on Supply Concern

February 27, 2014 at 7:10 by Vladimir Vyun

Crude oil fell today on concerns about economic growth in China and quantitative easing tapering in the United States. Crude dropped even as US oil reserves were almost unchanged last week, while analysts hoped for an increase by 1 million barrels. April futures for delivery of WTI crude oil declined $0.31 (0.30 percent) to $102.28 per barrel as of 6:53 GMT on NYMEX today. Brent crude fell $0.26 (0.24 percent) to $109.26 per barrel on ICE.

Hogs and cattle futures advanced today on concerns about supply from the United States. Farmers are struggling to increase cattle herds, while epidemic virus killed as much as 4 million pigs. The US Department of Agriculture predicted that beef output from the USA will fall 5.3 percent to 24.35 billion pounds in 2014, reaching the lowest level since 1994. April contract for delivery of cattle climbed $0.0065 (0.45 percent) to $1.4518 per pound on CME today. Futures for hogs added $0.0060 (0.60 percent) to $1.0118 per pound.

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