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Oil Remains Near $55

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Oil prices remained around $55 a barrel, resulting from a number of factors such as a weak dollar, cold weather and anxiety over next week’s OPEC meeting.

OIl for April went up 19 cents to $54.78. It has been speculated that the benchmark U.S. crude will soon surpass its all-time high of $55.17.

According to an article at ABC News,

“OPEC oil ministers have signaled they will not raise output a stance that analysts said was not surprising considering the organization already is producing over its quota.

And even a decision to boost production at the meeting in Iran on March 16 would come too late to compensate for the late outburst of winter in the Northern Hemisphere driving heating oil demand.”

The unusual cold for this time of year has also worried traders about heating oil supplies, and contributed to the prices.

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Oil Remains Near $55
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