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Usually, the market price for something is the result of supply and demand. But it's not so simple when it comes to oil prices. Because buyers and sellers are making deals now for future deliveries, oil traders have to look ahead to what's likely to happen in the Middle East.
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Full story at http://www.npr.org/2011/03/11/134461974/to-figure-out-the-price-of-oil-follow-the-news?ft=1&f=1006
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