Wednesday, April 20, 2011

Oil Prices top $111 a barrel

By Claudia Assis and Polya Lesova, MarketWatch

SAN FRANCISCO (MarketWatch) — Crude-oil futures pushed past $111 a barrel Wednesday after a weekly inventories report showed an unexpected supply decline and the dollar weakened.
Crude for June delivery /quotes/comstock/21n!f:cl\m11 CLM11 +2.50% gained $2.98, or 2.8%, to $111.28 a barrel on the New York Mercantile Exchange. A close around that level would be oil’s highest since April 8.
OPEC seeks price increases
Spending by OPEC countries to quell unrest over the past several months has resulted in efforts by the oil cartel to raise oil prices.


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