17 May 2005, 14:54  Crude futures moved higher Tuesday

Crude futures moved higher Tuesday but remained near three-month lows after OPEC ministers indicated their group was ready to continue present output despite well-supplied markets. Despite the upward blip, analysts said a relatively strong dollar and expectations of further stock builds in the key U.S. market would likely weigh on prices in the coming days. Light, sweet crude for June delivery was up 23 cents at $48.84 a barrel by late morning in Europe in electronic trading on the New York Mercantile Exchange. Tetsu Emori, chief commodities strategist at Mitsui Bussan Futures, said traders might have seen the end of the recent four-day downward slide. "We have seen the short-term bottom out already, now there might be small rebounds to the $52 level," Emori said.

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