Wednesday, April 16, 2008

Crude prices exceed $ 115

According to MarketWatch, crude oil prices reached a new record high above $115 a barrel today, as US crude inventories fell for the second week, from 316 million barrels to 313.7 million barrels, according to Energy Information Administration.  Due to the weak demand arising from the recession, analysts had expected an increase of 1.5 million barrels.  US inventories have dropped about 5 million barrels in the past two weeks. A variety of factors is driving price increases for crude oil and refined gasoline: low inventories due to reduced imports by refineries running far below capacity, the decline in the value of the dollar, and speculators buying up commodies as a hedge against recession.MarketWatch

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