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May 19, 2010

Oil Rebounds Above $70

Oil prices rebounded above $70 today aided by a smaller-than-expected rise in US oil stocks. For June delivery, US crude rose 51¢ to $70.38 by 06.56 GMT, while London Brent crude for July gained 25¢ to $73.94 a barrel, according to Reuters. Algerian Energy Minister C

By cms admin

Oil prices rebounded above $70 today aided by a smaller-than-expected rise in US oil stocks.

For June delivery, US crude rose 51¢ to $70.38 by 06.56 GMT, while London Brent crude for July gained 25¢ to $73.94 a barrel, according to Reuters.

Algerian Energy Minister Chakib Khelil said the recent fall in oil prices is linked to uncertainty about the global economy, not crude supply, and there is no role for OPEC to play at this stage.

Data from the Energy Information Administration showed that crude stocks rose by 200,000 barrels in the week ending 14 May, while distillate fell by one million barrels and petrol inventories dropped 300,000 barrels.

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