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U.S. crude holds losses despite surprise API draw
March 20, 2012 / 8:42 PM / 5 years ago

U.S. crude holds losses despite surprise API draw

NEW YORK, March 20 (Reuters) - U.S. crude oil futures held losses of more than $2 a barrel in post-settlement trading despite industry group American Petroleum Institute’s surprise report of a drawdown of 1.4 million barrels in domestic crude stocks last week.

NYMEX crude for May delivery, the new front month, was down $2.22, or 2.04 percent, at $106.34 a barrel by 4:35 p.m. EST (20:35 GMT). Before the data was released it traded at $106.25, down $2.31, or 2.13 percent. April crude expired earlier at $105.61, down 2.48, or 2.29 percent. (Reporting By Gene Ramos)

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