Breaking News

You are here » Indian-Commodity  :  Commodities  :  Crude Prices End Higher Led By Gains In Gasoline

15-Apr2011

Crude Prices End Higher Led By Gains In Gasoline

Crude prices ended a dollar higher on Thursday, supported by a move higher in gasoline futures after a government report showed falling US gasoline supplies. The crude reversed early losses as a weaker dollar provided lift and offset worries that high prices would erode demand.

Data from the US Energy Information Administration (EIA) showed that US gasoline stocks plunged by 7 million barrels last week to their lowest level since October as refiners cut processing rates and cleared inventories of winter-grade fuel.

Meanwhile, it was reported that Libyan rebels are exporting a minimum amount of crude from fields which are pumping around 100,000 barrels per day, way less than the country's usual production at 1.6 million bpd.

Benchmark crude for May rose $1, or 0.93 percent to settle at $108.11 a barrel, after trading in a range of $105.77 to $108.55 on the New York Mercantile Exchange. In London, Brent crude gained $1.96, or 1.6%, to $122.88 a barrel on the ICE.

Related News

View all news

BT Cotton Seeds Businesses Targeting Earnings Of Rs 700 Crore This Season

BT Cotton seeds organizations are targeting earnings of Rs 700 cr this season as a result of a rise ......

Gold Challenges To Maintain Earlier Increases As The Problems In Europe Prolongs

Gold prices surrounded reduce on Monday because the euro solved their deficits in opposition to the ......

Copper Seems To Lengthen Uptrend As Dollar Recoils

Copper rates were able to lengthen the uptrend for 3rd instantly period on Monday, as traders proved......

Top News

View all news

SRF, NIIT Technologies and United Bank of India to see some action today

SRF has entered into a definitive agreement to sell its Engineering Plastics Business to DSM, the Life Sciences and Materials Sciences Company in an all-cash transaction, amounting to Rs 320 crore. The......

NIIT Technologies concludes sale of 88.99% stake in ESRI India Technologies

NIIT Technologies has concluded the sale of 88.99% equity shares in ESRI India Technologies, India to Environment Systems Research Institute Inc., USA. Consequent to above sale, ESRI India Technologies,......

United Bank of India to raise Rs 1,500 crore by various means

United Bank of India has received approval to raise equity capital not exceeding Rs 1,500 crore in one or more tranches during the financial year by way of Qualified Institutions Placement, Public Issue,......