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Futures for Crude Oil Drop After API Report, Traders Wait for EIA Data

February 8, 2017 at 0:20 by Vladimir Vyun

Futures for crude oil fell today amid persisting concerns that growing supply from the United States will skew the supply-demand balance of the market. The American Petroleum Institute reported that US stockpiles of crude swelled by 14.2 million barrels last week.

Now, traders wait for Wednesday’s data from the Energy Information Administration. Forecasters predicted that the report will show an increase of US oil inventories by 2.5 million barrels last week. If they are right, that would be the fifth consecutive weekly gain.

Market participants are concerned that growing US production will undermine any attempts made by the Organization of Petroleum Exporting Countries to bolster oil prices.

Futures for delivery of WTI crude oil in March sank 1.53% to $51.37 per barrel as of 23:58 GMT on NYMEX today. April contract for Brent crude declined 1.2% to $55.05 per barrel on ICE.

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