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Crude makes biggest gain of year
03/02/2009
Crude prices shot up Feb. 19 in the biggest 1-day gain since 2008, carrying petroleum products with it, but energy prices retreated in the next session as markets readjusted to continued low demand.Benchmark US light, sweet crudes jumped by $4.86 to $39.48/bbl as the Energy Information Administration reported commercial US crude inventories dipped 200,000 bbl to 350.6 million bbl in the week ended Feb. 13. The Wall Street consensus was for an increase of 3.2 million bbl. “For the first time in months, we have seen positive inventory data for crude,” said analysts at Pritchard Capital Partners LLC in New Orleans. “This is the third time crude has tested the $35/bbl price ...
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