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Commodities: Crude back down

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Date: Thursday 15 May 2008

LONDON (ShareCast) - Crude price slid back down on Wednesday as profit takers bagged some of the record gains from the previous day and after the government said supplies rose last week.

The futures contract for June delivery closed down $1.58 at $124.22 a barrel.

The Energy Department said Wednesday that crude supplies rose 200,000 barrels to 352.8m for the week ending May 9.

But motor gasoline supplies fell 1.7m barrels to 210.2m barrels, while distillate stocks increased 1.4m barrels.

Meanwhile, the International Energy Agency reduced its forecast for growth in global oil demand. It said in a report that crude oil demand in 2008 will be 86.8m barrels per day (bpd), which was 390,000 bpd less than a previous estimate in April.

Gold for June delivery fell $3.10 to $866.50 an ounce as the dollar dipped against the euro.

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