WTI at Near One-Week Low as Supplies Rise to 82-Year High
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Brent crude gained for the first time in three days, reversing an earlier loss, as the European Central Bank cut interest rates to a record low.
Brent futures advanced as much as 1.1 percent. ECB policy makers meeting today in Bratislava, Slovakia, lowered the main refinancing rate to 0.5 percent from 0.75 percent, as predicted by 45 of 70 economists in a Bloomberg News survey. Prices fell earlier after U.S. government data yesterday showed the nation’s crude stockpiles climbed to the highest level in 82 years.