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. Last Updated: 07/27/2016

Oil Stays Above $30

SINGAPORE -- Crude prices in Asia were largely stable Wednesday after a gasoline-inspired rally pushed prices firmly above the psychological $30 per barrel mark.

July New York Mercantile Exchange crude futures last traded at $30.33 per barrel, down a marginal two cents from its New York settlement, where the contract had ended 35 cents per barrel up at $30.35 on the back of strong gasoline.

U.S. crude prices have regained almost a third of their value since slipping to $23.85 in early April, following OPEC's deal to raise output as concerns grow that the U.S. market would face a shortage of new super-clean gasoline grade RFG 2.

RFG 2 goes on sale this week in nearly a third of U.S. cities.