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Crude oil at $133, waiting on stock report, new record for gas

VIENNA, Austria -- Oil prices rebounded as the dollar weakened against major currencies Wednesday, but investors braced for a volatile trading day ahead of a report on U.S. crude inventories, according to the Associated Press.

Gas prices, meanwhile, advanced further into record territory Wednesday, reaching a new record national average of $4.052, according to a survey of stations by AAA and the Oil Price Information Service.

Light, sweet crude for July delivery was up $1.91 at $133.22 a barrel in electronic trading on the New York Mercantile Exchange by noon in Europe.

Posted by Peter C. T. Elsworth  at 9:33 AM to Crude oil market | Permalink

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