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Gasoline slump triggers oil fall

05-12-2011 13:54 BJT

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The commodities comeback was shortlived. Overnight, they saw a second major sell-off in just a week.

Oil prices fell across the board, led by a 6 percent fall in gasoline futures in New York.

An unexpected rise in weekly inventories, a mix of poor Chinese industrial output data, and a rise in the dollar, all helped drag.

US down crude more than 3 dollars. It was trading at around 101 dollars per barrel as of the end of Wednesday. Brent crude was 2 dollars 3 cents lower at just over 115 US dollars.

US crude oil stocks rose to 3.78 million barrels in the week to May 6, that is much higher than the 1.4 million barrel forecast.

Going forward, analysts say crude and gasoline prices will likely have to correct further, to generate stronger demand and reduce inventories from current levels.

Graphics shows the prices of light, sweet crude oil in the past 12 months. The price
of light, sweet crude for June delivery dropped 5.67 dollars, or 5. 46 percent to
settle at 98.21 dollars a barrel on the New York Mercantile Exchange on May 11, 2011.
(Xinhua/Cui Ying)

 

Editor:Liu Fang |Source: CNTV.CN

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