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28-Apr2011

Crude Rates Increased Tracking The Strong Gasoline Commodity

Crude rates increased on Wednesday immediately after Federal Reserve gave no signal that the central bank will tighten its present loose monetary plan, also the powerful US gasoline commodity helped the rates to move to their two week higher. A US Energy Department statement indicated that gasoline stockpiles tumbled to the minimum since August 09. The dept stated gasoline inventories chop down 2.51 million barrels to 205.6 million last week. Provides of distillate fuel, a group which includes warming oil and diesel, dropped 1.81 million barrels to 146.5 million. The EIA also announced US raw stocks rose 6.2 million barrels.

Fed Chairman Ben Bernanke in his press discussion after its two-day policies discussion, signaled the central bank is in no rush to relieve its assist for the US country`s economy.

Benchmark crude for June delivery improved 55 cents, or 0.49 percent, to stay at $112.76 a barrel, after dealing in a range of $110.71 to $113.40 on the New York Mercantile Exchange. In London, Brent oil for June settlement raised 99 cents, or 0.8 percent, to end at $125.13 a barrel on the ICE.

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