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Oil - USA - Reclaims $70, with gas futures up
Oil supply at 8-year high; gas stock up less than expected
SAN FRANCISCO,CAL,USA -MarketWatch, by Myra P. Saefong -Jun 21, 2006: -- Crude-oil futures reclaimed the $70 a barrel level and gasoline futures closed 3% higher Wednesday, as a smaller than expected rise in U.S. gasoline supplies and tension between Western nations and Iran and North Korea outweighed an eight-year high in U.S. crude inventories... Crude for August delivery touched a low of $68.80 a barrel on the New York Mercantile Exchange, then recovered to trade as high as $70.75. The contract closed at $70.33, up 99 cents -- at its highest closing level since June 12... A U.S. government report issued Wednesday pegged supplies at their highest level since late May of 1998 -- a time when futures prices traded at just more than $16 and spot prices were above $15...
posted by Unknown @ 10:07 AM
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