Oil prices rally as euro rebounds against dollar

08:29, April 01, 2010      

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Oil prices rallied on Wednesday as the euro rose against the U.S. dollar, although U.S. crude inventories rose more than expected.

The U.S. dollar fell against the euro on Wednesday after a report said U.S. employers slashed 23,000 private-sector jobs in March.

Business activity in the U.S. Midwest expanded less than expected in March while new orders for U.S. factories rose for a sixth straight month in February.

Also on Wednesday the U.S. Energy Information Administration reported that crude inventories rose by 2.9 million barrels to 354. 2 million barrels last week, more than the 2.4-million-barrel forecast.

Light, sweet crude futures for May delivery rose 1.39 dollars to 83.76 dollars a barrel on the New York Mercantile Exchange.

In London, Brent crude rose 1.42 to settle at 82.70 on the ICE futures exchange.



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