West Texas
Intermediate rose after a government report showed that inventories at Cushing,
Oklahoma, the delivery point for the contract, dropped a seventh week. Brent
oil slid.
WTI rose as
much as 0.7 percent. Supplies at Cushing fell 989,000 barrels to 29.8 million
last week, the lowest level since January 2012, the Energy Information
Administration said. Futures also climbed after Enterprise Products Partners LP
said yesterday that operations on the expanded Seaway line to
WTI for
April delivery advanced 58 cents, or 0.6 percent, to $100.28 a barrel at 10:43
a.m. on the New York Mercantile Exchange. The contract traded at $100.23 before
the release of the report at 10:30 a.m. in
Brent for
May settlement dropped 68 cents, or 0.6 percent, to $106.11 a barrel on the
London-based ICE Futures Europe exchange. Trading volume was 13 percent lower
than the 100-day average. The European benchmark’s premium to WTI for the same
month slipped to $7.04 a barrel.
Cushing
stockpiles have fallen since the southern portion of the Keystone XL pipeline
began moving oil to the
Total crude
inventories climbed by 5.85 million barrels to 375.9 million, the EIA said. A
2.75 million-barrel gain was projected, according to the median of 11 analyst
responses in a Bloomberg survey.
Supplies of
distillate fuel, a category that includes heating oil and diesel, fell 3.1
million barrels last week to 110.8 million, the lowest level since May 2008,
according to the EIA, the Energy Department’s statistical arm. Gasoline
stockpiles dropped 1.47 million barrels to 222.3 million.

The price of gold is reduced by the weakening of tension around the situation in the Crimea, and pending the outcome of the meeting of the Federal Open Market Committee Federal Reserve .
" Reducing the cost of gold continues from the beginning of the week. One of the reasons - is selling due to stabilization of the situation around the Crimea, which supports risk appetite . On the other hand , low inflation and positive statistics from the United States put pressure on prices , "- said Commerzbank analyst Daniel Brizmann .
A day earlier, the U.S. Labor Department reported that annual inflation slowed in February to 1.1 % from 1.6 % in January , on a monthly basis , consumer prices increased by 0.1%. Analysts had expected a slowdown in consumer prices up 1.2% year on year and monthly inflation at 0.1% .
Brizmann also noted that currently market participants focused on the meeting of the U.S. Federal Reserve 's monetary policy , the results of which will be announced later on Wednesday .
It is expected that the U.S. Federal Reserve will continue to reduce the asset purchase program and slash it to $ 10 billion - to $ 55 billion
The Fed is expected to leave its key interest rate near zero , but the change may signal further action plan.
The cost of the April gold futures on the COMEX today dropped to $ 1338.10 per ounce.

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