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Thursday 09th of July 2009
May 26, 2005

Crude up as summer threatens inventories


by Brian Turner
Crude up as summer threatens inventories

Crude oil prices were up on Thursday on the expectation that continuing gains in inventories are about to end as summer energy demand increases.

This weekend marks the beginning of the US summer driving season. July contracts for West Texas Intermediate on the New York Mercantile Exchange closed up 3 cents to $51.01 per barrel, the fourth gain in a row.

Meanwhile in London, July IPE Brent closed 9 cents higher at $50.16 per barrel. Both Nymax and IPE will close early on Friday and be closed Monday for public holidays.

In other commodities, gold fell $1 to $417.50 per troy ounce at the close in London from the late price of $418.60/$419.30 in New York on Wednesday.

In Europe, meanwhile, carbon emission prices reached a record €20.30 per tonne on Thursday before falling back to €19.60 per tonne by late afternoon. The rise in prices were due to a decision in Italy to lower its greenhouse emissions limits.

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