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WTI Oil Gains with US Retail Sales, Brent Crude Drops

January 14, 2014 at 22:29 by Vladimir Vyun

Futures for West Texas Intermediate grade of crude oil gained today as US retail sales grew. Core retail sales climbed 0.7 percent in December from a month ago, exceeding traders’ expectations of 0.4 percent growth, while total sales were up 0.2 percent after rising 0.4 percent in November. The positive report reinforced the optimistic outlook for the US economy.

Meanwhile, Brent grade continued to decline. Supply from Libya resumed at the beginning of the year after workers at the Sharara oil field agreed to suspend their protests for a short while. This means that the negative outlook for oil remains in place.

February futures for delivery of WTI crude oil advanced $0.74 (0.81 percent) to $92.54 per barrel as of 22:23 GMT on NYMEX today. Contract for delivery of Brent crude lost $0.61 (0.57 percent) to $106.14 per barrel on ICE.

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