World Oil Prices React to Declining U.S. Stock Reserves

June 15, 2011
The price of oil on world commodity exchanges was fluctuating Wednesday morning after reports arrived that U.S. crude stock reserves were declining.

The price of a June futures contract for WTI light sweet crude in electronic trading on Nymex was off 8 cents to $99.29 a barrel by 7:05 Moscow time. Meanwhile, the price of a June futures contract for North Sea Brent blend was up 74 cents to $120.90 in London.

Prices for oil rose the day before on positive news on the U.S. economy. June WTI contracts rose $2.07 to $99.37 a barrel, while June Brent contracts were up $1.06 to $120.16.

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