What’s the Next Stop for Crude?

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In a mixed inventory report, U.S. crude inventories beat expectations to rise 4.14 million barrels while U.S. gasoline inventories fell 2.88 million barrels, the U.S. Energy Information Agency reported on Thursday.

Brent crude oil fell to a three-week low below $114 a barrel on Thursday, hit by weak euro zone economic data dampening the prospect of an early recovery and concern the U.S. Federal Reserve might end its stimulus program sooner than thought.

The drop extended Brent crude's largest one-day drop in 2013 on Wednesday, alongside declines in other commodities and equities. Rumors that a hedge fund was liquidating positions also had helped pressure prices, although there was no evidence of liquidation by any specific fund.

Brent crude futures fell as low as $113.32 and was last down 1.6 percent at below $114 a barrel. U.S. crude futures last slipped by 2.3 percent to around $93 a barrel.

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