Crude prices rebound from seven-month low

09:05, May 20, 2010      

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Crude prices rebounded from a 7- month low in New York markets on Wednesday as U.S. gasoline and distillate fuel inventories fell.

Earlier in the day, crude prices fell by as much as 1.51 U.S. dollars to 67.90 dollars a barrel on the New York Mercantile Exchange. That was its lowest level since Sept. 30, 2009.

Oil prices rebounded later in the day as investors looked ahead to the expiration date of the active futures contract.

The U.S. Energy Information Administration said on Wednesday that crude stockpiles increased by 200,000 barrels from the previous week. Analysts expected crude stocks to be up about 950, 000 barrels.

Meanwhile, gasoline stocks fell by 300,000 barrels. Distillate fuel, a category that includes heating oil and diesel, decreased by 1.0 million barrels.

Light, sweet crude for June delivery, which expires on Thursday, rose 46 cents, to settle at 69.87 U.S. dollars a barrel on Wednesday.

In London, Brent crude for July delivery fell 74 cents to settle at 73.69 dollars a barrel on the ICE futures exchange.



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