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Oil Prices Remain Nearly Flat in Asia

Wednesday, May 09, 2007 11:16:30 PM

SINGAPORE (AP) - Oil prices were little changed Thursday following a U.S. inventories report that showed that stocks of gasoline, crude and distillate fuels all rose last week.

Light, sweet crude for June delivery added 3 cents to $61.58 a barrel in Asian electronic trading on the New York Mercantile Exchange, midmorning in Singapore. The contract fell 71 cents to settle at $61.55 a barrel on Wednesday.

The U.S. Energy Department's weekly supply snapshot released Wednesday showed the first rebound for gasoline stocks in three months. Crude inventories built much more than analysts had expected amid growing imports, the report said.


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