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OIL DROPS BY 0.21% AFTER SURPRISE CRUDE OIL INVENTORY

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OIL DROPS BY 0.21% AFTER SURPRISE CRUDE OIL INVENTORY

Sept 18 2014, 2.50 pm GMT

Stock.com

[WTI] The previous was -1.0M, forecasted to rise to -0.9M, but crude oil took everyone by surprise by coming in this week at an Actual of +3.7M.
So where did this oil come from? It seems that rising U.S. crude stockpiles have offset the impending signs of diminished OPEC supply from the recent announcement of the closure of Libya’s Sharara field. David Wech, a JBC Energy GmbH analyst in Vienna, said in a report, “The nationwide build of 3.67 million barrels likely helped set the bearish tone for trading in the U.S.”
Alongside Sharara, the connected Zawiya refinery is also shut.
The shock made traders reticent with futures trading falling by 2% on the average of 100 per day. And though the price of a barrel fell initially to $93.62, it regained its value to stand at $94.56 a barrel, 14 cents up. Even so prices have decreased 3.9 percent this year.

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