Crude oil back above $50

Crude oil rose back above $50 a barrel for the first time in ten weeks, pushed higher by a weaker dollar, hopes of an economic upturn and a broader market view that OPECs supply-side contraction has now overtaken the losses on the demand side due to the recession. US light crude today gained $2.40, or 5.2%, to close at $50.63 a barrel on the NYMEX. Oil has gained more than 15% since the start of the year. Nationwide, gasoline averaged $1.91 per gallon.

Crude oil back above $50
xcel, Mar 19, 2009
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