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WTI Oil Rises, Nickel Inventories at All-Time Record

November 7, 2013 at 0:01 by Vladimir Vyun

West Texas Intermediate crude oil rose on signs that demand for fuel was rising, while supply was shrinking. Gasoline failed to maintain rally. According to the Energy Information Administration data, motor fuel consumption jumped 2.6 percent to 9.29 million barrels last week. At the same time, gasoline production fell by 3.76 million to 210 million barrels, the lowest rate in almost a year. December futures for delivery of WTI crude oil rose $0.08 (0.08 percent) to $94.88 per barrel as of 23:50 GMT on NYMEX today. Gasoline futures were down $0.004 (0.16 percent) to $2.544 per gallon after climbing 1.3 percent to $2.548.

Nickel declined on concerns that rising supply will create a glut on the global market as London inventories reached a record level. Stockpiles tracked by the London Metal Exchange touched 239,958 metric tons yesterday — the highest in the history. The LME-tracked inventories have jumped 71 percent in 2013. Analysts predict that the global surplus will widen to 120,000 tons, up from last year’s 92,000. Contract for delivery of nickel in three months sank 1.6 percent to $14,110 per ton on LME.

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