12th November 2013
West Texas Intermediate (WTI) crude oil has fallen from its recent highs today (November 12th), amid speculation US stockpiles increased last week.
The Energy Information Administration is set to release its latest inventories figures tomorrow and these are expected to show 500,000 barrels were added in the week ending November 8th.
This would take the total to 385.9 million barrels, the highest level recorded since June. The information will this week be released on Thursday, a day later than usual, as a result of the Veterans Day holiday in the US yesterday.
WTI for December delivery has declined to $94.31 per barrel in electronic trading on the New York Mercantile Exchange. This follows a gain of 0.6 per cent to $95.14 per barrel yesterday - its highest closing level since October 31st.
Brent for settlement in December shed 58 cents to $105.82 per barrel on the ICE Futures Europe exchange in London.
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