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West Texas Intermediate crude tumbled to the lowest level in more than six weeks, erasing an earlier advance of 0.7 percent.
Pressure on oil futures continue to provide data to the government report , pointed out the restrained demand for petroleum products .
According to data released on Wednesday the U.S. Department of Energy , the oil reserves in the country last week fell by 2.7 million barrels, while they expected a decline of 600,000 barrels. Reducing oil reserves observed the sixth consecutive week . However , news about the growth of stocks of petroleum products have overshadowed reports of the high demand for oil .
According to the Ministry of Energy , gasoline inventories in the week December 27 - January 3, increased by 6.2 million barrels, while expected to rise by 2 million barrels. Distillate stocks , which include diesel and heating oil, rose by 5.8 million barrels, while the projected growth of 1.5 million barrels .
Futures on crude oil prices continued to decline after the December meeting of the protocols of the Federal Reserve , according to which most of the leaders of the central bank supported the folding of bond-buying program . The program supported oil prices, weakening the dollar, which , in turn, makes oil more attractive to foreign investors.
WTI for February delivery slid 32 cents, or 0.3 percent, to $92.01 a barrel at 10:12 a.m. on the New York Mercantile Exchange. Earlier, it touched $91.94, the lowest intraday price since Nov. 27. The volume of all futures traded was 8.9 percent below the 100-day average. Prices have fallen 5.9 percent since the start of the year.
Brent for February settlement increased 1 cent to $107.16 a barrel on the London-based ICE Futures Europe exchange. The European benchmark crude was at a premium of $15.15 to WTI, compared with $14.82 at yesterday’s close.
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