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WTI Crude Drops, Brent Grade Rallies

April 8, 2015 at 0:15 by Vladimir Vyun

West Texas Intermediate crude oil dropped today after bearish private supply data. The American Petroleum Institute reported that US inventories expanded by 12.2 million barrels. The data suggests that buildup of US reserves continues threatening to drive prices even lower.

Meanwhile, the Brent grade of crude continued to move higher following the news that Iranian and Chinese officials were meeting in Beijing. China is the biggest buyer of oil from the Middle Eastern country. It is expected that supply from Iran will increase after Western countries lift their sanctions, pushing down prices for the world grade of oil. But for now Brent enjoys fairly good performance.

Futures for delivery of WTI crude oil in May tumbled 2.02 percent to $52.89 per barrel as of 00:07 GMT on NYMEX today. At the same time, contract for Brent crude rallied 1.69 percent to $59.10 per barrel on ICE.

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