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 VIENNA, Austria (AP) - Crude oil prices rose Monday as the front-month contract expired, forcing traders who had anticipated lower prices at this point to become buyers to cover their bets.
BNP Paribas Commodity Futures broker Tom Bentz noted that the spread between the June and July crude-oil futures contract narrowed considerably amid market concerns about crude supplies, though he said short-covering was probably the main factor influencing prices.
"On expiration day, pretty much anything can happen," Bentz said.
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