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US crude down over $2, dragged down by gasoline

Published 05/16/2011, 01:14 PM
Updated 05/16/2011, 01:20 PM
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NEW YORK, May 16 (Reuters) - U.S. crude oil futures extended losses on Monday, dragged down by gasoline which slumped to an eight-week low as fuel supply fears eased.

On the New York Mercantile Exchange, crude for June delivery was down $1.83 at $97.80 a barrel, after earlier hitting a session low of $97.55, down $2.10.

Gasoline for June delivery dropped to a session low of $2.9450 a gallon, down 12.94 cents, and marking the lowest since front-month gasoline hit a low of $2.9226 on March 18.

The Morganza Spillway's reopening over the weekend eased worries that refineries in Louisiana would have to be shut due to the flooding along the Mississippi River. (Reporting by Gene Ramos; Editing by David Gregorio)

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