The U.S. oil benchmark dropped Thursday, erasing earlier gains that were credited in part to a slower increase in U.S. oil stockpiles and ongoing production issues in Libya. WTI crude for April delivery was last down 39 cents, or 0.8%, to $51.14 a barrel. But the European oil benchmark held onto gains, with April Brent crude rising 34 cents, or 0.6%, to $60.89 a barrel. There was no single reason for WTI's change in direction, said Jim Ritterbusch, president of oil advisory firm Ritterbusch & Associates. He said his longer-term outlook for oil is that its next big move is more likely to be lower. "I do see a high probability of a move down to about $40," Ritterbusch told MarketWatch.
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