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Crude prices surge on U.S. inventories data
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08:55, June 12, 2008

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Crude futures surged Wednesday as a report showed the U.S. crude inventory declined more than previously forecasted.

Light, sweet crude for July delivery rose 5.11 U.S. dollars to settle at 136.42 dollars a barrel on the New York Mercantile Exchange after earlier rising as high as 138.30 dollars.

The U.S. Energy Department revealed in its weekly report that the crude inventory dropped 4.56 million barrels last week, much more than analysts predicted the decline of 1.4 million barrels.

The weak dollar, which rebounded in last two days, also sent oil prices higher.

U.S. Energy Secretary Samuel Bodman told the press Wednesday that he will attend the meeting scheduled on June 22, which is set between oil producing countries and consumption countries to discuss the soaring oil prices.

Crude futures hit an all-time peak of 139.12 dollars a barrel last week, but retreated on a strengthening dollar earlier this week and settled at 131.31 dollars a barrel Tuesday.

Source: Xinhua

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