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WTI Oil Trims Gains, Brent Crude Posts Losses

July 30, 2014 at 15:45 by Vladimir Vyun

West Texas Intermediate crude oil trimmed gains today even though US stockpiles fell more than was expected. The Energy Information Administration reported that US inventories of crude contracted by 3.7 million barrels to 367.4 million last week. Market participants counted on just a 0.5 million decrease.

Brent grade of crude demonstrated losses today. The decline was likely caused by the view that the conflict between Israel and Hamas in Gaza will not affect oil-supplying regions. Brent may yet bounce on concerns that sanctions imposed by the European Union on Russia will reduce exports from the Eastern European country, but for now it looks like such prospects do not provide support for the energy market.

September futures for delivery of WTI crude oil were little changed at $100.97 per barrel as of 15:39 GMT on NYMEX today after rising to $101.44 intraday. Contract for Brent crude lost 0.25 percent to $107.45 per barrel on ICE.

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