Oil nears 81 dollars despite inventory build

08:20, March 04, 2010      

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Oil prices settled near 81 U.S. dollars on Wednesday as a falling dollar offset more-than-expected buildup in crude inventory.

The euro rose against the dollar on Wednesday after Greece announced a 6.5-billion-dollar plan to reduce its deficit, easing investors' concerns about the European debt crisis. A falling greenback usually increases the appeal of crude futures as an alternative investment.

Investors basically shrugged off the report of a jump in crude inventory. The U.S. Energy Department Energy Information Administration said that, during the week ended on Feb. 26, crude stockpiles rose by 4.1 million barrels, far more than the 1.4- million-barrel increase market had expected.

Light, sweet crude for April delivery gained 1.19 dollars to settle at 80.87 dollars a barrel on the New York Mercantile Exchange.

In London, Brent crude for April settlement rose 1.17 dollars to 79.35 dollars a barrel on the ICE Futures Exchange.

Source: Xinhua
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