Commodity Blog

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Oil Drops on US Inventories & Moody’s Downgrade

February 14, 2012 at 2:55 by Vladimir Vyun

Crude oil dropped today as analysts estimated that US stockpiles grew. Experts predicted that the report of the Energy Department tomorrow will show an increase of US inventories of crude. Such forecast means less demand from the United States — the biggest oil consumer in the world.

Oil also fallowed other commodities in decline after Moody’s Investor Service downgraded credit ratings of several countries of the European Union. The rating cut refueled fears of the European debt crisis and its negative impact on commodities.

March futures for crude oil delivery fell $0.45 to $100.46 per barrel on NYMEX. Brent crude slipped from $117.64 to $117.21 per barrel as of 2:50 GMT today on ICE.

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