Another Day, Another Dollar (per Barrel)


Oil hits $109 per barrel

CNN is reporting “Oil prices fell after setting another record Tuesday as report showed crude consumption for the year would come in less than previously forecast.

Light sweet crude for April delivery surged to a new record of $109.72 on the New York Mercantile Exchange before falling after the International Energy Agency cut its forecasts for crude consumption this year. In morning trading, crude futures fell 66 cents to $107.25 a barrel.

Where oil goes from here is anybody’s guess. Many analysts expect prices to moderate, while others predict oil could keep rising to $120 a barrel, or higher. Whatever happens with crude, more people will drive, and they’ll use more gasoline, as summer approaches.

And that means gas prices will likely spike as high as $3.50 to $3.75 a gallon, regardless of what happens with oil prices, he said…”

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