Wednesday, April 23, 2014

WTI in the longest drop in three months

West Texas Intermediate oil dropped the most in more than three months, widening the discount to Brent, on projections that a government report tomorrow will show that U.S. crude stockpiles climbed last week. WTI fell 2.1%. Crude supplies increased for the 13th time in 14 weeks, to 397.1 million barrels. WTI fell after Vice President Joe Biden expressed U.S. support for Ukraine during a visit to the capital Kiev, as an agreement with Russia to ease tension in the former Soviet republic’s east showed weakness. WTI for May delivery, which expired today, slid $2.24 to settle at $102.13 a barrel, capping the biggest drop since Jan.

The more-active June contract fell $1.90, or 1.8%, to $101.75. May’s premium to June closed at 38 cents, the smallest settlement this year for those two contracts. Trading was 35 percent above the 100-day average. Prices were little changed from the settlement after the American Petroleum Institute said U.S. crude inventories rose 519K barrels last week. June WTI traded at $101.84 in electronic trading, compared with $101.80 before the report was released.

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