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Oil Prices Climb on Supply Worries

Oil prices rose Friday after a report from the IEA raised concerns about the market's ability to meet an expected jump in demand for oil products, the Associated Press reports.
The International Energy Agency said today that the Organization of Petroleum Exporting Countries needs to raise output soon and raised concern over the ability of refiners and OPEC's willingness to meet a 1.6 million barrels a day jump in oil product demand in June.
With the start of summer driving season only weeks away, analysts are concerned that gasoline supplies, though rising, won't meet demand. And continuing violence in Nigeria, Africa's largest oil producer and a leading supplier to the United States, has also been supporting higher oil prices.

Posted by   at 9:41 AM to Oil | Permalink

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