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SINGAPORE – Oil prices hovered beneath $104 a containerful weekday in aggregation as traders mulled integrated signs most the strength of U.S. vulgar demand.

Benchmark vulgar for June conveying was up 10 cents to $103.98 a containerful at hour island instance in electronic trading on the New York Mercantile Exchange. The contract chromatic $1.33 to settle, or 1.3 percent, at $103.88 on Tuesday.

In London, Brent vulgar for June conveying was up 7 cents to $117.70 a containerful on the ICE Futures exchange.

The dweller Petroleum Institute said late weekday that vulgar inventories chromatic 2.9 million barrels terminal week, more than the process of 1.6 million barrels predicted by analysts surveyed by Platts, the forcefulness information arm of McGraw-Hill Cos.

However, inventories of gasoline, which hit dropped 11 straight weeks, fell by 295,000 barrels terminal week, the API said.

The Energy Department's Energy Information Administration reports its weekly cater data later Wednesday.

Oil prices hit swung sharply since the beginning of May, descending 15 proportionality terminal hebdomad before rebounding most 6 proportionality so farther this week. Investor anxiety that high on the river River could alteration refineries and stop render shipments helped push vulgar higher Tuesday.

The high is the stylish in a program of events that hit rocked lubricator markets this year, including semipolitical uprisings throughout North continent and the Middle East and the violent offend in Libya.

"It has been a rare and fantastic year since the first burble of yearning in Tunisia," Cameron royalty said in a report. "And events that hit happened since hit exclusive increased the irresolution of a nervous and overstrung market."

In another Nymex trading in June contracts, vaporisation lubricator additional 1.1 cents to $3.03 a congius and render fell 3.0 cents to $3.35 a gallon. Natural pedal futures were up 1.6 cents at $4.26 per 1,000 cubic feet.

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