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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.

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