Oil Back Up After Seven-Week Low

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Oil prices went back up after reaching a near seven-week low based on fear that the U.S. won’t refine enough gasoline to live up to demand.

Analysts believe that oil will not reach below the $50 level unless something unforeseen happens.

According to a Bloomberg article,

“Crude oil for May delivery gained as much as 36 cents, or 0.7 percent, to $50.58 a barrel and was trading up 16 cents at $50.38 at 11:31 a.m. London time on the New York Mercantile Exchange, up 37 percent from a year ago. Prices have dropped almost $8 from a record $58.28 last week. Brent crude for May settlement, which expires today, rose 41 cents to $50.89 on the International Petroleum Exchange.

U.S. crude oil supplies rose to their highest level in almost three years in the week ended April 8, a ninth consecutive weekly increase, according to the Energy Department’s weekly inventory report yesterday. That helped lower New York prices to as low as $50.06 a barrel.”

It is estimated that global demand will average over 84 million barrels a day.

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Oil Back Up After Seven-Week Low
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