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Crude oil lower, U.S. inventory data in focus

Published 04/09/2014, 04:19 AM
Updated 04/09/2014, 04:19 AM
Crude oil slips lower ahead of U.S. inventory data

Crude oil slips lower ahead of U.S. inventory data

Investing.com - Crude oil futures were lower on Wednesday after industry data showed that U.S. crude stockpiles rose far more than expected last week, but losses were checked amid ongoing tensions over Ukraine.

On the New York Mercantile Exchange, U.S. crude oil futures for delivery in May were last trading at $102.21 in the Globex electronic session, down 0.35%.

Brent oil for May delivery was down 0.30% to $107.35 a barrel on the ICE Futures Exchange in London, while the spread between the Brent and U.S. crude contracts stood at $5.14 a barrel.

A report from the American Petroleum Institute late Tuesday showed U.S. oil inventories rose by 7.1 million barrels last week while stocks at the Nymex delivery hub of Cushing, Oklahoma unexpectedly increased by 200,000 barrels. Analysts had expected crude stockpiles to rise by 2.5 million barrels.

Oil investors were looking ahead to inventory data from the U.S. Energy Information Administration due out later Wednesday. Analysts were expecting a build of 1.33 million barrels for the week ended April 4.

Heightened geopolitical risk continued to underpin oil prices as Ukraine's government continued to fight pro-Russian demonstrations in the east of the country. Russia has warned that use of force against the separatists could drag the country into civil war.

Investors were also following developments In Libya after government officials and rebels reached an agreement over the weekend to re-open Zueitina and Hariga ports, which normally export a combined total of 200,000 barrels a day, mostly to Europe.

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