Breaking News

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


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

CG Power's JV inaugurates HV, EHV factory in Indonesia

CG Power and Industrial Solutions' (CG) joint venture (JV) PT CPSI has inaugurated Indonesia's first High Voltage (HV) and Extra High Voltage (EHV) factory at the Modern Cikande Industrial Estate, Banten......

MCX inks MoU with Indian Cotton Federation: Report

Multi Commodity Exchange of India (MCX) has reportedly signed memorandum of understanding (MoU) with Coimbatore-based Indian Cotton Federation (ICF). The agreement is to facilitate potential collaboration......

RIL's telecom arm tops Fortune's 'Change the World' list

Reliance Industries' (RIL) telecom arm -- Reliance Jio -- has ranked as the top company globally on Fortune's 'Change the World' list that ranked companies using the profit motive to tackle social problems......