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Oil prices ease back after day of strong gains

Published on NewsOK Modified: March 27, 2013 at 8:32 am •  Published: March 27, 2013

"The weak euro is the key element that continues to dominate the markets today ... and adding further pressure to the commodity markets," Sucden Financial Research in London said in a report. "Until the situation clears, we expect further volatility and nervous trading conditions in the oil market."

Traders will also be watching for the release of fresh data on U.S. stockpiles of crude and refined products.

Data for the week ending March 22 is expected to show a build of 1.6 million barrels in crude oil stocks and a draw of 1.6 million barrels in gasoline stocks, according to a survey of analysts by Platts, the energy information arm of McGraw-Hill Cos.

The American Petroleum Institute said Tuesday that crude stockpiles rose by 3.7 million barrels last week, while the report from the Energy Department's Energy Information Administration — the market benchmark — will be out on Wednesday.

Brent crude, used to price many kinds of oil imported by U.S. refineries, was up 5 cents to $109.41 a barrel on the ICE Futures exchange in London.

In other energy futures trading on the Nymex:

— Wholesale gasoline rose 0.39 cent to $3.1064 a gallon.

— Heating oil added 0.81 cent to $3.0069 a gallon.

— Natural gas advanced by 6.4 cents to $4.055 per 1,000 cubic feet.


Pamela Sampson in Bangkok contributed to this report.