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Crude falls back while Gasoline spiked this week

New York -- The benchmark NYMEX Crude?s recent break out and flirtation with $60.00 per barrel (BBl) this week appears to have been halted. In NYMEX trading on Friday, the benchmark NYMEX Crude for June delivery fell $2.28, settling at $56.34. Traders attributed the quick retrenchment on news that even if the US and global economy has finally bottomed, demand for crude oil will not pick up as quickly as has been previously forecast. The EIA forecasts backed up such claims showing more declines in world oil consumption. Test of the new floor of $55 per BBl will be telling of where Crude prices and thus gasoline pricing at the pump will be headed in the near term.

Crude falls back while Gasoline spiked this week
xcel, May 16, 2009
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