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Oil Prices Climb Back Over $47
By WebProNews
Staff Writer
Article Date: 2005-01-21
Although prices had recently fallen to under $47 a barrel, demand for oil partially due to winter weather has caused them to rise back up.
An OPEC report indicated a need for supply increase due to several influences. Ironically enough, mild winter weather was cited as reason for the price to drop under $47 a barrel. According to Bloomberg.com,
Heating-oil supplies, which are 13 percent below year- earlier levels, may decline as snow moves into the Northeast this weekend. The U.S. consumes a quarter of the world's crude oil. Iraqi and U.S. officials have said they expect violence to increase before the election on Jan. 30…
Crude oil for March delivery rose $1.29, or 2.7 percent, to $48.60 a barrel at the 2:30 p.m. close of floor trading on the New York Mercantile Exchange. The March futures contract is up 7 cents this week. Prices have fallen 13 percent since touching $55.67 a barrel on Oct. 25, the highest since the contract was introduced in 1983.
Supply problems from non-OPEC countries and Chinese demand were also cited in the forecast.
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