Commodity Blog

Commodity news, technical and fundamental analysis, market data on precious metals, energies, industrial metals, and soft commodities


US Stockpiles of Crude Reach Record Level, Hurting Prices

March 13, 2013 at 23:57 by Vladimir Vyun

Crude oil declined as US inventories expanded for the eighth straight week. The Energy Information Administration reported that US stockpiles of crude grew by 2.6 million barrels last week from the week before. This was the highest level in a history for this period of year.

Poor data from Europe hurt the traders’ mood, making them even less willing to buy oil. Eurozone industrial production declined 0.4 percent in January from the previous month. French employment shrank by 0.3 percent in the fourth quarter of 2012 from the third quarter.

April futures for delivery of WTI crude oil dropped $0.15 (0.22 percent) to $92.32 per barrel as of 23:49 GMT on NYMEX today. April contract for Brent crude sank as much as $1.13 (1.03 percent) to $108.52 per barrel on ICE.

If you have any questions and comments on the commodities today, use the form below to reply.

Leave a Reply