26th November 2013
West Texas Intermediate (WTI) crude oil has advanced in commodities markets today (November 26th), gaining ahead of a report that is expected to show US inventories declined last week.
The data published by the Energy Information Administration tomorrow is forecast to highlight the first weekly fall in crude stockpiles since mid-September.
In addition, Brent crude oil has continued to decline today, narrowing its spread to WTI. The grade slumped by 2.7 per cent yesterday after the announcement of an accord between Iran - a member of the Organization of Petroleum Exporting Countries - which will see trade sanctions lifted.
It is estimated that an additional one million barrels of crude oil will be added to the global market as a result of this deal, sending prices lower.
WTI for January delivery added 58 cents to $94.67 per barrel on the New York Mercantile Exchange, while Brent shed 48 cents to $110.52 on the ICE Futures Europe in London.
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