Crude Oil Erases Gains on New York Mercantile Exchange; Brent Advances

Brent crude rose in London after yesterday’s decline, the biggest since November, while oil in New York erased earlier gains to trade little changed.

Crude for March delivery traded at $89.57 a barrel, down 2 cents in electronic trading on the New York Mercantile Exchange at 1:52 p.m. London time after rising to $90.22 a barrel. Brent crude for March settlement was up 53 cents at $97.11 on the ICE Futures Europe exchange in London.

New York futures have fallen 3 percent this week. The February contract expired yesterday after dropping 2.2 percent to $88.86, the lowest since Jan. 7. Brent futures fell 1.6 percent yesterday.

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