28th February 2014
West Texas Intermediate (WTI) crude oil has extended its decline into a second commodities trading session today (February 28th), amid suggestions demand from the US may be set to fall.
Futures are on course to record their first weekly fall since mid-January in New York after the Energy Information Administration's gauge of fuel use in America - the world's largest oil consumer - dropped to its lowest level since June.
In addition, the organisation showed stockpiles at Cushing, the key delivery point for WTI contracts, declined by 1.08 million barrels to 34.8 million last week. This is the fewest recorded since October.
A survey conducted by Bloomberg has also found output from the Organization of Petroleum Exporting Countries was down by 11,000 barrels per day to an average of 29.877 million this month.
WTI for April delivery dropped by 53 cents to a low of $101.87 per barrel in early electronic trading on the Comex division of the New York Mercantile Exchange.
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