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Brent crude up $2, U.S. gasoline futures jump

Published 07/13/2011, 11:47 AM
Updated 07/13/2011, 11:52 AM

NEW YORK, July 13 (Reuters) - Brent crude futures rose $2 on Wednesday on a larger-than-expected drop in U.S. crude stocks last week and Federal Reserve Chairman Ben Bernanke's comments suggesting policymakers were considering more economic stimulus.

U.S. gasoline futures extended gains to hit their highest level in two months after the government reported a drop in gasoline inventories last week, against expectations supplies would be up.

ICE Brent August crude rose $1.41 to $119.16 a barrel by 11:39 a.m. EDT (1539 GMT), trading from $116.71 to $119.86.

On the New York Mercantile Exchange, RBOB gasoline for August delivery hit a session high $3.1750 a gallon, gaining 7.68 cents, or 2.5 percent. It was the highest since May 11, when front-month RBOB hit $3.3590. (Reporting by Robert Gibbons and Gene Ramos; Editing by John Picinich)

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