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Oil Prices Rollercoaster Up to $55, Barrel Down Below $53

Following the weekly report on crude inventories from the Energy Information Administration, prices for New York's July contract on light sweet crude took off past $55 after opening at $53.30.

Oil Prices Spike Past $55 on Energy Report

Light sweet crude prices continued to skyrocket to the highest prices in weeks and closing in on the all time high of over $58 a barrel back in early April. The price in New York traded up to $55.40 after the Department of Energy released it's weekly report this morning.

Summer Driving Season Begins, Oil Above $51

The summer driving season is now beginning here with Memorial Day weekend, and oil prices are holding above $51 a barrel with traders feeling that this is a risky time for trade.

Caspian Sea Oil Flows Free

An 1100-mile pipeline opened up today and will pump a million barrels of oil a day when it reaches capacity. A consortium led by BP and funded heavily by the U.S. hopes this new pipeline will help reduce western dependence on middle-eastern oil.

Oil Prices Skyrocket over $51 A Barrel

Light sweet crude kicked it up a notch when the U.S. Dept. of Energy (DOE) reported a drop in crude inventories for only the second time in last 3 months. Futures traded as high as $51.65 in New York on midday ticks. North Sea Brent crude was also trading up over a dollar at 50.15.

Iraq And Brazil Partnering On Oil Production

Petrobras has agreed to advise Iraqi oil interests on bolstering oil yields that have fallen 47 percent.

Oil Bounces As Crude Prices Increase

After a series of price drops, light crude laps past $49 per barrel in late trading on Monday.

Oil Futures Climb on July Contracts

Oil futures for the July contract moved past $49 a barrel on Monday after prices fell 36 cents before the opening trade of 48.15. These prices come after 3 month lows last week as the June contract closed out well below $47 a barrel.

Oil Prices Settle High at $49.15

Light sweet crude prices remained high today settling in at $49.15 in New York this afternoon on the July contract. The high prices come after the June contract closed under $47 last Friday. London's North Sea Brent crude finished at $48.37 a barrel up 34 cents for the day.

Oil Price Update: Settles Below $47 A Barrel

Light sweet crude for the June contract came up short this today settling below $47 and $46.92 a barrel. The prices continued to drop after yesterday's report from the U.S. Dept of Energy saying U.S. inventories continued to climb for 13 of the last 14 weeks.