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.
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