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Oil rises towards $48
17 Published in Saudi Press Agency on 17 - 03 - 2009


Oil firmed towards $48 a barrel
on Tuesday, although staying within the trading range it has
held so far this month, ahead of United States inventory data
expected to show a build in crude oil stocks.
Data from industry group the American Petroleum Institute
(API) will be closely watched later on Tuesday as a preliminary
Reuters poll showed analysts forecast a 500,000 barrel increase
in domestic crude stocks last week.
U.S. light crude for April delivery rose 63 cents to $47.98
a barrel by 1039 GMT. The contract had settled $1.10 higher at
$47.35 on Monday.
London Brent crude gained 66 cents to $47.12.

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