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Spread Between WTI & Brent Widens as US Inventories Swell

March 11, 2015 at 21:00 by Vladimir Vyun

The spread between West Texas Intermediate and Brent crude widened today as the US grade struggled to log gains after inventories in the United States swelled to a new record. The Energy Information Administration reported that reserves grew by 4.5 million to 448.9 million barrels last week, reaching a new high for at least the last 80 years. US stockpiles are running out of capacity, and it is a very negative factor for WTI crude.

Meanwhile, the Brent grade of crude jumped sharply during Wednesday’s trading session. Some analysts argue that prices found a bottom. Others think that the rally is just a result of short-covering. Whatever the truth is, the fact remains that Brent demonstrated a strong rally today.

April contract for delivery of WTI crude oil ticked up 0.12 percent to $48.35 per barrel as of 20:55 GMT on NYMEX today after falling earlier. At the same time, Brent crude jumped 2.62 percent to $57.87 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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