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MTECHTIPS:-Crude futures retreat near 12-year lows, following bearish IEA report
Crude futures fell sharply on Tuesday retreating back near 12-year lows, as a bearish report from the International Energy Agency forecasted a further widening of the supply-demand imbalance on global markets, placing added downside pressure on dwindling energy prices. On the New York Mercantile Exchange, WTI crude for March delivery traded between $27.75 and $30.61 a barrel, before settling at $27.98, down 1.71 or 5.74% on the day. Since spiking more than 8% last Wednesday, U.S. crude futures have closed lower in four straight sessions and six of the last seven. More broadly, Texas light, sweet futures have crashed approximately 25% since the start of the new year. At session lows, WTI crude fell to its lowest level on Tuesday since late-January. On the Intercontinental Exchange (ICE), brent crude for April delivery wavered between $30.28 and $33.55 a barrel, before closing at $30.36, down 2.49 or 7.60% on the session. North Sea brent futures all fell for the fifth consecutive trading day and the seventh time in the last eight sessions. Crude prices on Tuesday quickly erased overnight gains after a report from the Paris-based IEA sent warnings that the current surplus on global energy markets could be even worse than previously anticipated. In its February Oil Market Report, the IEA said that oil stocks
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