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Oil Snaps Rally as US Stockpiles Swell

August 29, 2013 at 3:34 by Vladimir Vyun

Crude oil dropped today, snapping its earlier rally, as US inventories rose much more than was expected. US stockpiles of crude expanded 3 million barrels to 362 million barrels last week. Analysts have predicted just a 0.5 million increase.

Still, the situation in Syria continues to play in favor of crude. Last week, the Middle Eastern country used chemical weapons. Now the United States wants to attack in a response together with its NATO allies. Meanwhile, Iran threatened to strike Israel if Syria is attacked. Any conflict in Middle East endangers oil supply and this is positive for prices.

October futures for delivery of WTI crude oil declined $0.65 (0.59 percent) to $109.45 per barrel as of 3:29 GMT on NYMEX today. Contract for delivery of Brent crude slipped $0.76 (0.65 percent) to $115.85 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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