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The cost of oil fell, closing with early growth, after a report from the government showed that oil stocks rose last week. Note that, according to data from the U.S. Energy Information Administration, crude oil inventories last week rose by 0.60 million barrels, while reaching the level of 372.20 million barrels, well above the upper limit of the average range for this time of year.
Note that the week before, crude oil inventories increased by 2.60 million barrels to 371.70 million barrels.
Meanwhile, total gasoline inventories fell last week by 0.80 million barrels after increasing by 1.70 million barrels for the previous week, but are in the upper limit of the average range.
Note that, according to analysts crude oil were to grow by 2.20 million barrels, while gasoline stocks were to rise by 500,000 barrels.
We also recall that yesterday the American Petroleum Institute reported that for the week ending February 8, crude oil inventories fell by 2.30 million barrels, while gasoline stocks fell by 810,000 barrels
Meanwhile, market participants remained cautious ahead of a meeting of the G20, which is likely to be devoted to a discussion of competitive devaluation of currencies.
March futures price of U.S. light crude oil WTI (Light Sweet Crude Oil) fell $ 0.12, and now stands at 97.41 per barrel on the New York Mercantile Exchange.
March futures price for North Sea petroleum mix of mark Brent fell $ 0.14, and is now $ 118.55 a barrel on the London Stock Exchange ICE Futures Europe.
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