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Oil Back Up Above $70 a Barrel

Oil prices shot back up above the psychologically important $70 a barrel mark on Friday, trading at a level last seen 10 months ago for the second time in two days on worries about gasoline supplies, according the Associated Press.

With most U.S. refineries expected to increase output in the coming months after finishing maintenance, pressure on gasoline was expected to drop. Still, prices could remain high because increased refinery capacity puts greater demands on crude availability.

Posted by   at 9:41 AM to Oil | Permalink

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