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Energy Market Ends Friday with Losses

July 3, 2015 at 22:16 by Vladimir Vyun

Crude oil sank on Friday as traders were still digesting the data that showed an unexpected increase of US oil inventories. Stockpiles of crude were up 2.4 million to 465.4 million barrels last week instead of falling by 1.9 million as analysts had predicted. Moreover, the number of US oil rigs increased by 12 to 640 this week after 29 consecutive weeks of decline. August futures for delivery of WTI crude oil slumped 2.48 percent to $55.52 per barrel as of 22:11 GMT on NYMEX today. Contract for Brent crude tumbled as much as 2.82 percent to $60.32 per barrel on ICE.

Natural gas demonstrated losses as well even though yesterday’s supply report from the Energy Information Administration was relatively supportive for the commodity. The EIA reported that US reserves of gas increased by 69 billion cubic feet, trailing analysts’ forecast of an increase by 74 billion. Still, futures for natural gas slid 1.84 percent to $2.77 per million British thermal units on NYMEX today.

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