Commodity Blog

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Oil Declines After EIA Report

August 28, 2014 at 1:17 by Vladimir Vyun

Crude oil declined today even as a report from the Energy Information Administration showed that US inventories fell last week unexpectedly. Stockpiles were down by 2.1 million barrels to 360.5 million barrels, while analysts predicted a 1.1 million increase. The reserves shrank as much as 4.5 million the week before.

One of the possible reasons for the decline was concerns about economic growth in Europe. The German consumer sentiment fell unexpectedly, fueling such worries. Another explanation for the decline might be profit taking as prices actually rose after the report was released yesterday.

October futures for delivery of WTI crude oil fell 0.13 percent to $93.76 per barrel as of 1:08 GMT on NYMEX today. Brent crude lost 0.10 percent to $102.62 per barrel on ICE.

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