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Crude Oil Prices Back Up

Oil rose in London to around $100/barrel. The reasons is the usual suspects: political unrest in Egypt.

“The risk of contagion will keep prices above $100 a barrel for a while,” said Christopher Bellew, senior broker with Bache Commodities Ltd. in London. “Much has still to be settled in Egypt, so there is still the specter of unrest spreading to oil-producing countries.”

Hedge funds and other large speculators have increased net long positions by 17%

Price at the pump won’t be going down any time soon

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