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US Inventories of Crude Rise, Brent Drops, WTI Advances

January 10, 2013 at 1:57 by Vladimir Vyun

Futures on Brent crude oil fell today, while futures on WTI grade were rising even as US inventories advanced more than was predicted. US stockpiles gained 1.3 million barrels to 361.3 million barrels last week, compared to the median forecast of an increase by 0.9 million barrels. The growth fallowed the huge drop by 11.1 million in the preceding week.

Commodities were a bit volatile as several central banks are releasing their monetary policy statements today, including the European Central Bank and the Bank of England. It is not uncommon for markets to be choppy ahead of major events, especially if it is uncertain what exactly will happen. Most traders believe that the ECB will hold interest rates unchanged, but there are enough market participants that believe in an interest rate to make things complicated.

February futures on Brent crude fell $0.09 (0.08 percent) to $111.67 per barrel as of 1:50 GMT on ICE today. Contract for delivery of WTI oil in February advanced $0.01 (0.01 percent) to $93.11 per barrel on NYMEX.

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