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WTI Crude Trades Below $50

July 22, 2015 at 18:43 by Vladimir Vyun

Crude oil sank further today, extending its earlier losses, after the bearish supply report from the Energy Information Administration that showed an unexpected build-up of US inventories. The West Texas Intermediate grade of oil fell below the $50 mark for the first time since April.

The EIA reported that stockpiles expanded by 5 million to 463.9 million last week. This is compared to the forecast drop by 1.7 million. The reserves remained near the record level for this time of year.

Crude also accelerated decline as the dollar rose after positive US housing data.

September for delivery of WTI oil sank 1.99 percent to $49.85 per barrel as of 18:40 GMT on NYMEX today. Brent crude dropped 1 percent to $56.47 per barrel on ICE.

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