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Oil benchmark price gap widens on stockpile increase

Posted on 15 November 2013

The gap between US and global oil prices widened to the most in nine months on Thursday after government data showed a further increase in crude stockpiles in America. Nymex December West Texas Intermediate fell more than 1.5 per cent to a five-month low of $92.51 before recovering to trade at $94.15.
The Energy Information Administration said commercial crude stockpiles had climbed 2.6m barrels to 388.1m barrels in the week to November 8. Analysts had forecast an increase of 1m barrels. Inventories at Cushing, the main delivery point for WTI futures, also increased, rising 1.7m barrels to 38.2m………………………………………..Full Article: Source


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