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Thursday, April 26, 2012

Oil down in Asia on large US stockpile gain

Oil fell in Asia today as a larger than expected rise in US crude inventories eroded overnight gains sparked by Fed forecasts of a pick-up in growth, analysts said.

New York’s main contract, light sweet crude for delivery in June, fell 10 cents to USD 104.02 per barrel. Brent North Sea crude for June delivery shed 20 cents to USD 118.92.

“Oil prices have edged down some... primarily because the market is reacting to the oil inventory report from the US,” said Victor Shum, senior principal of Purvin and Gertz energy consultants in Singapore.

From: http://ping.fm/ae1vn

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