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Inventory, weather influence markets

01/08/2007
By NINA RACH
The February contract for benchmark US sweet, light crudes increased 26¢ to $63.72/bbl Dec. 20 as the US Energy Information Administration reported a larger-than-expected 6.3 million bbl drop in commercial US crude stocks to 329.1 million bbl in the week ended Dec. 15.Warm weather then caused the February contract to fall for four consecutive trading sessions through the Christmas holiday, closing at $60.34/bbl Dec. 27, the lowest level for a lead contract in more than a month on the New York Mercantile Exchange.The price increased to $60.53/bbl Dec. 28 on the report of another large drop in crude stocks, down 8.1 million bbl in the week ended Dec. 22, marking larger-than-anticipated...
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