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Oil Briefly Tops $102 a Barrel

VIENNA, Austria -- Oil prices briefly rose to a new intraday high above $102 a barrel Wednesday as a slide in the U.S. dollar prompted investors to pump more money into energy futures as a hedge against inflation, according to the Associated Press.

Light, sweet crude for April delivery on the New York Mercantile Exchange spiked as high as $102.08 a barrel in electronic trading before slipping back. It was up 13 cents at $100.99 a barrel by afternoon in Europe.

Posted by Peter C. T. Elsworth  at 10:08 AM to Crude oil market | Permalink

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