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Oil Drops on Falling US Stocks & Record Stockpiles

April 25, 2014 at 17:13 by Vladimir Vyun

Crude oil reversed yesterday’s gains today after US stocks dropped. Swelling US stockpiles were not helping prices either.

The Standard & Poor’s 500 Index of equities fell 0.9 percent. The reason for the drop was disappointing profit figures from American companies. The situation in Ukraine also hurt the stock market, driving investors away from assets that can be considered risky.

The Energy Information Administration reported this week that US oil inventories increased by 3.5 million barrels to 397.7 million barrels last week. The increase was bigger than analysts have projected, while the current size of reserves is the biggest on the record.

June futures for delivery of WTI crude oil fell $0.57 (0.56 percent) to $100.87 per barrel as of 17:08 GMT on NYMEX today. Contract for Brent crude subtracted $0.73 (0.66 percent) to $109.60 per barrel on ICE.

If you have any questions and comments on the commodities today, use the form below to reply.

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