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Oil price again flirting with US$100 per barrel
OIL prices climbed to near US$100 per barrel yesterday on encouraging news about the US economy.
Benchmark crude rose US$1.23 to end the day at US$99.37 per barrel in New York. The benchmark price hasn’t been that high since July 26. Brent crude, which is used to price many foreign oil varieties, climbed 50 cents to finish at US$112.39 per barrel in London.
Prices jumped after the Commerce Department said that retail sales rose in October for the fifth straight month. Consumer spending increased for electronics, appliances, hardware and building supplies. Sales also rose at grocery stores, bars and restaurants and health care stores.
“If people are opening their pocket books again, it’s good for the economy. Maybe you’ll see gasoline demand go up,” said Phil Flynn, an oil analyst at PFGBest.
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