US crude futures rise $1.14 as weak dollar outweighs crude build

24 February 2010 20:50  [Source: ICIS news]

HOUSTON (ICIS news)--NYMEX light sweet crude for April delivery settled at $80.00/bbl on Wednesday, up $1.14 compared with Tuesday’s close, in response to a sell-off in the US dollar resulting from the Federal Reserve’s commitment to maintain low interest rates.

The upside momentum in crude prices overshadowed weekly supply statistics from the US Energy Information Administration (EIA), which showed a much greater-than-forecast build in crude inventories. Distillate stocks declined less than expected, however, and gasoline inventories fell unexpectedly.

News that French refinery workers at Total were ending their strike, as well as reports that output at the North Sea’s Buzzard field had returned to full production, kept the gains in check.

March crude topped out at $80.13/bbl, up $1.27, before retreating.

ICE Brent for April delivery surged to $78.42/bbl, up $1.17, before also retreating slightly to close at $78.09/bbl, up 84 cents.

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By: Ignacio Sotolongo
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