US crude rises $1.95/bbl on dollar exchange, gasoline demand

29 April 2010 21:51  [Source: ICIS news]

HOUSTON (ICIS news)--NYMEX light sweet crude for June delivery settled at $85.17/bbl on Thursday, up $1.95 in response to euro gains against the dollar and expectations of rising gasoline demand.

The weekly supply statistics from the Energy Information Administration (EIA) revealed an unexpected drawdown in gasoline inventories in spite of a rise in refinery operations. The rally same despite the same EIA report showing inland supplies of crude oil at the Cushing, Oklahoma. hub at the highest level in almost twenty years.

June crude surged to $85.46/bbl, up $2.24, before a portion of the gains were given back ahead of the closing bell.

June Brent continued to trade at a steep premium to NYMEX crude, rising to $87.66/bbl before retreating to close at $86.90/bbl, up 74 cents.

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By: Ignacio Sotolongo
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