As per a U.S. government report, crude oil inventories rose 1.3 million barrels to 336.0 million barrels last week, but gasoline inventories fell by 3.7 million barrels to 200.3 million barrels. After rising in response to the report that gasoline inventories had fallen for the fifth-straight week, oil prices moved marginally. Supply worries have been calmed by a big rise in crude inventories, mild weather in the northeast and skepticism that OPEC cuts will come to fruition. Prices have stabilized in Asian morning trade since yesterday to US$58.74 a barrel in Asian electronic trading on the New York Mercantile Exchange.
The markets anticipate that crude prices will emerge shortly from their recent range of US$58-62 a barrel, after declining from a summer peak above US$78 a barrel.
16-Nov-06 
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