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Oil Rallies on Talks About Ireland’s Bailout, Natural Gas Drops

November 19, 2010 at 0:22 by Vladimir Vyun

Crude oil rose today the most in two weeks on speculation that Ireland will receive a bailout, which would stop debt problems from spreading to other countries. Ireland’s central bank governor said that he expects the country to look for aid. Prices also went up as a report yesterday showed that US crude oil inventories unexpectedly fell, posting the biggest decline since August 2009. December delivery for crude oil rose $1.41 (1.8 percent) to $81.85 per barrel on NYMEX.

Natural gas declined today as a report showed that US stockpiles rose to a record for a second consecutive week. Today the Energy Department said that gas stockpiles advanced 3 billion cubic feet to 3.843 trillion in the week ended November 12th. The Energy Department estimated that may total 1.776 trillion cubic feet at the end of the winter heating season in March, 114 billion more than in previous year. December delivery for natural gas dropped $0.023 (0.6 percent) to $4.007 per million British thermal units on NYMEX.

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