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Oil Rallies on Anticipation of Smaller Inventories

June 18, 2013 at 2:31 by Vladimir Vyun

Crude oil rallied today as analysts predicted decline of US stockpiles. Specialists estimated that US inventories of crude declined by 500,000 barrels last week. The official data will be released on June 19.

This week’s policy meeting of the Federal Reserve makes traders nervous as they are trying to guess what the next action of the US central bank will be. Resulting uncertainty drives the dollar higher, harming commodity prices. Yet crude oil was not paying heed to the adverse market sentiment previously and remains unaffected still.

July futures for WTI crude oil rallied $0.11 (0.11 percent) to $97.88 per barrel as of 2:26 GMT on NYMEX today. Brent crude advanced $0.07 (0.7 percent) to $105.54 per barrel on ICE.

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