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WTI Crude Trades Below $50

January 6, 2015 at 23:41 by Vladimir Vyun

Crude oil dipped today even though private data showed an increase of US inventories. According to the American Petroleum Institute, US stockpiles of crude fell 4 million barrels last week. Official data from the Energy Information Administration will be released tomorrow, and analysts predict that it will show an increase by 0.9 million barrels.

All in all, the market environment is not good for oil. Experts anticipate oversupply as the Organization of Petroleum Exporting Countries refused to cut production due to fears of losing its share of the market. As a result, prices dropped almost 50 percent in 2014.

February futures for WTI crude dropped as much as 4.2 percent to $47.93 per barrel as of 23:37 GMT on NYMEX today. Brent crude slid 3.97 percent to $51.00 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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