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Crude prices jump as dollar falls, Chinese diesel demand rises
Posted on May 15, 2008
Light, sweet crude for June delivery rose $1.87 to $126.09 a barrel on the New York Mercantile Exchange. In London, June Brent crude rose 90 cents to $122.76 a barrel on the ICE Futures exchange. AP reports: Oil prices surged nearly $2 a barrel Thursday as the dollar fell against the euro and investors anticipated strong demand for diesel fuel in parts of China ravaged by Monday's earthquake. Monday's earthquake in China has disrupted natural gas output and increasing demand for diesel as an alternative source of fuel for power generation. In 2007, China's diesel sales reached 122.64 million t...
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