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Oil Keeps Rising, Tops $111 a Barrel

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4/8/2011 10:45:00 AM

Oil prices continued to spike Friday, pushing past $111 a barrel in early New York Mercantile Exchange trading, on continued concerns over Libya’s civil conflict, Bloomberg reported.

Crude futures rose to as high as $111.90 on the Nymex, following Thursday’s $110.30 per-barrel close that was the highest in more than two-and-a-half years, Bloomberg said.

Analysts were concerned over a fire at Libya’s Sarir oil field, bolstering concern that unrest in the region will further reduce supply, Bloomberg said. Libya is a member of OPEC and is the cartel’s seventh-largest producer.

Diesel prices have jumped close to $1 per gallon since November in a steady ascent and are nearing a $4 national average.


The all-time high was $4.764 per gallon, set in July 2008 shortly after oil hit its record peak of $145.29 per barrel.

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Prudent Caution (4/11/2011 8:00:00 AM)
Diesel Prices Up 4.4¢ to $3.976 as Economy Stokes Demand (4/11/2011 3:30:00 AM)
Oil Keeps Rising, Tops $111 a Barrel (4/8/2011 10:45:00 AM)
Oil Hits New 30-Month High Near $109 a Barrel (4/6/2011 3:30:00 PM)
Diesel Rises Again, Gaining 4.4¢ to $3.976 (4/5/2011 8:30:00 AM)
Oil Continues Gains, Tops $108 a Barrel (4/4/2011 3:30:00 PM)

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Tax, Accounting, Consulting - Emil Estafanous, CPA, CFF, CGMA