Wednesday, March 10, 2010

Crude Oil Futures Up

Crude Oil Futures

After a report from the U.S. Energy Information Administration that gasoline stocks had fallen last week by 2.9 million barrels, the price of crude oil shot up as high as $83.03 a barrel, its highest levels since early January.

The benchmark contract settled to $80.96 as the day went on, a decrease of 0.5 percent a barrel.

Other news affecting the price of oil was the announcement from OPEC that crude demand per day would rise by over 190,000 barrels a day over its previous estimate of 28.94 million barrels a day.

Crude Oil Futures

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