Skip to: Content
Skip to: Site Navigation
Skip to: Search


Oil Hovers Near $102 a Barrel

Posted Mar 26, 08 6:16 AM CDT in Business World 

(Newser) – Concern about potential supply disruptions in Iraq and American gasoline reserves pushed oil prices up for the second day in a row, despite expected news from the Energy Department that crude supplies in the US had rebounded, reports the Associated Press. The US dollar’s continued depreciation against a slew of currencies also helped inflate the price.

In overnight trading, oil hovered near $102, with light, sweet crude at $101.74 in Asian electronic trading, up 52 cents. Oil prices have risen 62% from a year ago, and traded as high as $111.80 last week. "The weak US dollar continues to prop up oil prices due to financial investors engaging in this inflation play," said an energy analyst.

Sources Associated Press, Bloomberg

0 comments | Print E-mail | Digg Seed this on Newsvine Add this link to Del.icio.us StumbleUpon
A gas station displays its prices on Tuesday, March 11, 2007, in Kahului, Hawaii. While the price of oil soars above $100 a barrel, most Americans dread the day they will have to pay $4. On this tropical...   (AP Photo/Hugh E. Gentry)
Oil prices continued to hold above $102 today despite expected news that US crude supplies were up.   (AP Photo/David Zalubowski)
Oil prices continued to hold above $102 today despite expected news that US crude supplies were up.   (AP Photo/Hasan Jamali)
A worker turns a flange at an oil well in Signal Hill, Calif. Oil prices are hovering above $100 a barrel.   (AP Photo/Reed Saxon)
« Prev« Prev | Next »Next » Slideshow
Our editors also recommend:

Threads (
1
 of 4)



Loading...

Today's Most Popular

Loading...

Other World Stories


What is Newser?

2008 Codie Finalist

Face it: there's too much news. At Newser a team of editors and writers culls the most important stories from hundreds of U.S. and international sources and reduces them to a headline, picture, and two paragraphs. It's the Newser guarantee: we can take any report or column or video and pack what you need to know into 120 words or less. Newser's short-form aggregation, visual format, and unique information tools help you get more of the kind of news you want, in a quicker and more entertaining way. And we do it 24/7—you can come back morning, noon, night (and in between) for something new that matters. Read less, know more.

Learn more »