Oil Closes Above $80

Filed under: Middle East, Economic Data, Commodities, Oil, Currency

Over the past week, oil prices have been flirting with the psychological $80 barrier, and they were finally able to settle above $80 Wednesday. Oil traded up $1.26 a barrel to $80.94.



Earlier today, we got the weekly inventory report from the Department of Energy, which showed a greater-than-expected jump in reserves last week. The report showed that oil inventories grew by four million barrels, which was well above the one-million-barrel increase that analysts had forecast.

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Oil Closes Above $80 originally appeared on BloggingStocks on Wed, 03 Mar 2010 17:30:00 EST. Please see our terms for use of feeds.

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