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Oversupply Concerns Hurt Crude Oil

February 23, 2015 at 13:06 by Vladimir Vyun

Futures for crude oil dropped today amid concerns about oversupply. While the number of oil rigs was falling in the United States, the pace of closure is decelerating. Meanwhile, the Energy Information Administration continues to report that US oil inventories at the record level and are growing.

Crude demonstrated big losses even as the market sentiment improved due to progress in the situation with Greece. Yet market participants remain cautious, watching carefully as the Greek story unfolds. Worse-than-expected economic data from Germany was not helping either.

April futures for delivery of WTI crude oil sank as much as 3.09 percent to $49.24 per barrel as of 12:58 GMT on NYMEX today. Brent crude dropped 2.19 percent to $58.90 per barrel on ICE.

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