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US gasoline up 5.3 pct on week, eyes summer demand

Published 05/27/2011, 03:07 PM
Updated 05/27/2011, 03:12 PM

NEW YORK, May 27 (Reuters) - U.S. gasoline futures ended up on Friday, gaining more than 5 percent on the week, as investors anticipated higher motor fuel demand in the summer driving season that kicks off with the long Memorial Day weekend.

On the New York Mercantile Exchange, gasoline for June delivery settled at $3.0920 a gallon, up 4.37 cents, or 1.43 percent, after trading between $3.0449 and $3.0962. The settlement was the highest since May 11's close at $3.1228.

For the week, the contract gained 15.62 cents, or 5.3 percent, from the $2.9358 close in the week to May 20. (Reporting by Gene Ramos)

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