Oil Up On Fallen Gas Supplies

    April 7, 2005

Oil prices went up with a report showing that gasoline supplies in the United States have fallen.

According to an Assoicated Press article,

“Light, sweet crude for May delivery on the New York Mercantile Exchange rose 77 cents to $56.62 a barrel in European afternoon trading. Heating oil rose about a cent and a half to $1.6020 a gallon while unleaded gasoline gained more than half a cent to $1.6650.

On London’s International Petroleum Exchange, June Brent futures rose $1.18 to $56.45 in electronic trading.”

Unleaded gasoline decreased by 2.1 million barrels last week, though it was up 2 percent from last year.

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