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May 12, 2010

US Crude on 12-Week Low as Brent Rises Above $81

Oil prices were steady at a 12-week low as rising stock markets in Asia offset soaring crude prices in the US Midwest. For June delivery, US crude rose 10¢ to $75.75 a barrel at 07.05 GMT, while London Brent crude gained 41¢ to $81.61 a barrel, according to Reuters.

By cms admin

Oil prices were steady at a 12-week low as rising stock markets in Asia offset soaring crude prices in the US Midwest.

For June delivery, US crude rose 10¢ to $75.75 a barrel at 07.05 GMT, while London Brent crude gained 41¢ to $81.61 a barrel, according to Reuters.

US crude’s July contract gained 39¢ to $80.54.

Data from the US Energy Information Administration (EIA) revealed total crude inventories added 1.9 million barrels while distillates gained 1.4 million barrels and petrol stockpiles fell by 2.8 million barrels last week.

Global oil demand growth in 2010 will be slightly slower than previously expected, the EIA said.

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