Crude Oil Pares Gains Before U.S. Report on Gasoline Supplies |
| Bloomberg - May 23, 2007 |
Crude oil pared gains and traded below $66 a barrel in New York before a report later today on how much fuel the U.S. has available for the summer driving season, which starts next week.
The U.S. Energy Department will probably report gasoline stockpiles rose last week, a Bloomberg News survey of analysts indicated. Supplies were 7.5 percent below the five-year average in the week to May 11, the Energy Department said last week.
Gasoline supplies ``are rising, but they are still low,'' said Luis Giusti, a board member of the Centre for Global Energy Studies and the former head of Venezuela's state oil company. ``The increase in the gasoline demand began earlier this year.''
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- Posted: 2007-05-23 10:18:54
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