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Oil Trades Near Highest Level in 4 Months, on Upbeat US Economy and OPEC Forecast
Jan. 28, 2013 10:22PM PST
Resource InvestingBloomberg reported that oil traded close to its peak level in four months on signs of U.S. economic growth and as OPEC Secretary General Abdalla El-Badri announced that oil prices will likely not drop this year.
Bloomberg reported that oil traded close to its peak level in four months on signs of U.S. economic growth and as OPEC Secretary General Abdalla El-Badri announced that oil prices will likely not drop this year.
As quoted in the market news:
Crude for March delivery was at $96.72 a barrel, up 28 cents, in electronic trading on the New York Mercantile Exchange at 1:22 p.m. Singapore time. The average volume of all contracts traded was 50 percent below the 100-day average. Futures rose to $96.44 yesterday, the highest since Sept. 17.