Wednesday, July 9, 2014

Crude oil drop after the EIA data

West Texas Intermediate crude fell for a ninth day, the longest stretch of decreases since 2009, after supplies rose at Cushing, Oklahoma, the contract’s delivery point. Brent slipped to a one-month low amid signs Libyan oil exports will gain. Cushing stockpiles rose by 447 Million barrels، barrels to 20.9 million last week, #Energy Information Administration data showed. Total inventories dropped 2.37 million barrels to 382.6 million, in line with the 2.5 million-barrel U.S. supply drop projected. Libya plans to gradually boost exports to avoid disrupting the market, said Samir Kamal, the nation’s governor to the Organization of Petroleum Exporting Countries. WTI for August delivery dropped 86 cents, or 0.8 percent, to $102.54 a barrel. on the New York Mercantile Exchange. It traded at $102.59 before the release of the report. Futures touched $102.40, the lowest level since June 6. Prices have risen 4.2%this year.
Gasoline stockpiles rose 579K barrels to 214.3 million. A 400K barrel decline was projected, according to the estimate. Iraq’s south, home to more than three-quarters of its crude output, remained unaffected by fighting between government forces and insurgents from a breakaway al-Qaeda group known as the Islamic State. The country is the second-largest producer in OPEC.

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