Crude prices trade flat as euro falls against U.S. dollar

08:23, April 23, 2010      

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Oil prices traded flat on Thursday as the euro fell against the U.S. dollar while the stock market pared earlier losses.

The euro dropped to near one-year lows against the U.S. dollar after Moody's cut Greece's sovereign rating.

U.S. crude oil inventories rose unexpectedly last week, the U.S. Energy Information Administration said on Wednesday. Refined products stocks climbed more than forecast.

The Labor Department reported on Thursday that higher prices for vegetables helped drive U.S. wholesale prices higher by a seasonally adjusted 0.7 percent in March, reversing a drop in February.

The producer price index (PPI) has risen by 6 percent in the past year, led by a 23-percent rise in energy prices, the agency said.

Excluding often-volatile food and energy prices, the core PPI increased 0.1 percent in March and was up 0.9 percent compared with a year earlier.

Light, sweet crude for June delivery rose 2 cents to settle at 83.70 dollars a barrel on the New York Mercantile Exchange.

In London, Brent crude was down 3 cents to settle at 85.67 dollars on the ICE Futures exchange.



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