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Brent crude and West Texas Intermediate are trading higher today after moderately decreasing yesterday which was associated with the release of data on oil reserves in the United States, as well as the strengthening of the US dollar. The US Department of Energy announced that commercial oil stocks rose 8.9 million barrels to 406.7 million barrels, compared to the average forecast of four million barrels. The latter value was the highest for the entire period of statistics with the US Department of Energy in August 1982.
Brent Crude added +0.70%, currently trading at USD48.81 a barrel, still below the important USD50 level. On January 13th Crude hit a low at USD45.19. West Texas Intermediate gained +0.18% currently quoted at USD44.53.
Oil prices fell by nearly 60 percent over the past six months, and both key brands of oil are currently trading below $ 50 a barrel as the worldwide supply exceeds demand in a period of low global economic growth and the OPEC refusing to cut output rates to stabilize prices. Smaller OPEC members want to cut production but the organisation, responsible for 40% of worldwide production focuses on its fight for market share.
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