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West Texas Intermediate crude declined on the New York Mercantile Exchange, paring a sixth consecutive weekly gain. Brent also slipped, narrowing a gain for the week.
WTI for April delivery dropped 56 cents, or 0.5 percent, to $102.19 a barrel at 10:50 a.m. on the New York Mercantile Exchange. The volume of all futures traded was 27 percent below the 100-day average. Crude is up 1.9 percent this week and 10 percent in the past six weeks.
Brent for April settlement slipped 48 cents, or 0.4 percent, to $109.82 on the London-based ICE Futures Europe exchange. Prices are up 0.7 percent this week. Trading was 37 percent lower than the 100-day average. The European benchmark crude was traded at $7.63 premium to WTI, little changed from $7.55 yesterday.
WTI is set
for the longest run of weekly gains in a year with supplies falling at Cushing
and cold weather bolstering fuel demand. The opening of the Keystone XL
pipeline’s southern link in January eased a bottleneck in the central
WTI may fall next week as stockpiles expand, a Bloomberg survey shows. Twenty-three of 28 analysts and traders, or 82 percent, said futures will decrease through Feb. 28. Four respondents expected prices to gain while one forecast there will be little change.
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