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World News Leads to Higher Prices

Bombings in Moscow, positive economic news send oil prices higher. Oil settling at $82.17 on the NYMEX today.

Per Phil Flynn

“Because Russia is a major oil producer, there are fears that there could be more attacks in the future,” and this could cramp oil supply from the country.

Flynn said traders reacted emotionally and demand is still the key factor. “I think more than anything oil is going back up on increased demand expectations and basically hopes that the situation in Europe is under control,” he said.

Flynn also noted that today’s rise in crude is “exaggerated a little because of the upcoming holidays.”

Other factors: End of the Quarter, Greece, Weak $, and Consumer Spending.

Not to worry all you Passover & Easter travelers. Prices at the pump have actually come down a tad — to $2.80/gallon.

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