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Oil Tops $63 a Barrel
Posted: Sat Dec 02, 2006 3:33 pm
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Crude oil futures on the New York Mercantile Exchange closed at their highest level since Sept. 18, Bloomberg reported Thursday.
The $63.13 was the highest closing price since Sept. 18, Bloomberg said, citing declining fuel inventories and reports of colder weather for the Northeast, a region that uses about 80% of U.S. heating oil.
The recent rise in crude and heating oil prices have also provided impetus for technical traders to buy futures contracts, as prices pushed past resistance levels and fueled a breakout, Bloomberg said.
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