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04-May2011

Crude Prices Suffer Sharp Decline Tracking The Loss In silver

Crude declined further on Tuesday and witnessed their biggest one-day percentage loss in last two weeks. Traders turned cautious and focused on a plunge in silver prices and signs of weakening US fuel demand. Silver, for last some time was being considered a proxy for risk appetite among commodity traders and, as traders unloaded their positions in silver, they followed suit in crude oil. Concerns about US oil demand also weighed on crude-oil prices. US weekly gasoline demand fell 1% to 9.157 million barrels a day in the week ended Friday, according to a SpendingPulse report released by MasterCard Advisors LLC.

The report suggested that rising gasoline prices could be wearing on demand. Pump prices have already surpassed the important $4-a-gallon psychological threshold in many parts of the country. Meanwhile, the American Petroleum Institute, an industry group reported that supplies rose more than expected last week. Gasoline supplies rose 680,000 barrels, while stocks of distillates, including heating oil and diesel, fell 1.5 million barrels.

Benchmark crude for June delivery settled at $111.05 a barrel, down $2.47, 2.18% on the New York Mercantile Exchange. In London, Brent Crude for June settled at $122.45 a barrel, down $2.67, 2.13% on the ICE, its biggest one-day percentage loss since April 12.

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