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Oil in Decline During Wednesday’s Trading

July 15, 2015 at 20:16 by Vladimir Vyun

Futures for crude oil slumped more than 2 percent today even as the supply data from the Energy Information Administration showed a draw on US reserves. The inventories dropped by 4.3 million barrels last week, more than twice the forecast amount. Still, the stockpiles remained near the record level for this time of year.

One of the possible reasons for the poor performance of crude is the same as for other commodities — the strong dollar that has rallied on prospects for monetary tightening later this year. Another is concerns about the impact of the Iranian nuclear deal.

August contract for WTI crude sank 3.15 percent to $51.37 per barrel as of 20:14 GMT on NYMEX today. Futures for delivery of the Brent grade of oil tumbled 2.51 percent to $57.04 per barrel on ICE.

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