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Crude Retreats After Reaching Record High This Year, Natural Gas Follows

January 31, 2014 at 12:11 by Vladimir Vyun

Crude oil retreated today on speculations that the previous rally was excessive. Yesterday, crude touched the highest level this year. Analysts are worried that tomorrow’s report may show that China’s manufacturing Purchasing Managers’ Index slipped from 51.0 in December to 50.6 in January. It would be negative for oil prices. March futures for delivery of WTI crude oil declined $0.31 (0.32 percent) to $97.92 per barrel as of 12:00 GMT on NYMEX today. Contract for Brent crude slid $0.62 (0.57 percent) to $107.33 per barrel on ICE.

Natural gas dropped today on forecasts of milder weather in the United States. Previously, the commodity was rising on fears of frosts. Now, demand for gas is contracting as temperatures are expected to go up. March natural gas was down as much as $0.15 (2.99 percent) to $4.86 per million British thermal units on NYMEX today.

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