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WTI Drops on Oversupply, Brent Crude Gains

February 26, 2015 at 10:08 by Vladimir Vyun

Futures for WTI crude oil fell today as concerns about oversupply continue to hurt the energy market. Yesterday’s report from the Energy Information Administration showed that US inventories of crude grew yet again to a new record. Stockpiles were up 8.4 million barrels to 434.1 million last week, setting the new highest level for at least the last 80 years.

Meanwhile, Brent crude rallied. Brent rose after Saudi Arabian oil minister Ali al-Naimi expressed the view that prices settled after the previous year’s volatility. The spread between WTI and Brent grades widened to about $11.

April futures for WTI crude oil slid 1.06 percent to $50.45 per barrel as of 9:55 GMT on NYMEX today. Contract for Brent oil ticked up 0.08 percent to $61.68 per barrel on ICE.

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