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05.03.2014 16:41

Oil fell

West Texas Intermediate and Brent crudes extended losses after a government report showed that U.S. inventories advanced for a seventh week.

Futures fell as much as 1.1 percent in New York after the Energy Information Administration said supplies rose by 1.43 million barrels last week to 363.8 million. A 1.3 million-barrel gain was projected, according to the median of analyst estimates in a Bloomberg survey. Prices also slid on speculation that the dispute in Ukraine’s Crimea region won’t disrupt oil shipments.

WTI for April delivery dropped 98 cents, or 0.9 percent, to $102.35 a barrel at 10:40 a.m. on the New York Mercantile Exchange. Futures traded at $102.75 before the EIA report was released at 10:30 a.m. in Washington. The volume of all futures traded was near the 100-day average.

Brent for April settlement declined 87 cents, or 0.8 percent, to $108.43 a barrel on the London-based ICE Futures Europe exchange. Futures were at $108.38 before the report. Trading was 16 percent higher than the 100-day average.

WTI dropped 1.5 percent yesterday, the biggest decline in two months, after Russian President Vladimir Putin said he sees no immediate need to invade eastern Ukraine. Top U.S. and Russia diplomats will meet to try to reduce tensions in Ukraine, with U.S. Secretary of State John Kerry scheduled to meet Russian Foreign Minister Sergei Lavrov in Paris today.

About 313,000 barrels of crude a day transited via Ukraine in 2013, according to the country’s Energy Ministry. The southern branch of the Druzhba pipeline moves Russian oil through the Ukraine to refineries in Hungary, Slovakia and the Czech Republic.

“The realization that there’s little risk of a disruption of Russian oil shipments to Europe is weighing on the market,” said Addison Armstrong, director of market research at Tradition Energy in Stamford, Connecticut.

05.03.2014 16:21

Gold stabilized

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