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Commodity Daily News
Oil Rises Above $85 a barrel
Friday, 2 Apr 2010
Crude oil prices rose 6% for the holiday-shortened week that ended Thursday as the dollar fell and expectations rose that the pace of economic recovery will pick up. Oil markets have ignored Wednesday's government report of the ninth consecutive weekly build in U.S. crude stocks, and a surprise, if small, rise in gasoline supplies.
U.S. government data showed U.S. crude inventories rose by 2.9 million barrels to 354.2 million barrels last week, Gasoline stocks logged an unexpected 300,000-barrel gain. Ahead of the long holiday weekend and with the key March U.S. jobs report due on Friday, traders also covered short positions, helping push Oil prices to their highest level in 18 months.
