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Article: Oil Prices Briefly Rise Above $55 a Barrel
- Article from:
- AP Online
- Article date:
- March 9, 2005
- Author:
CopyrightThis material is published under license from the Associated Press. All inquiries regarding rights should be directed to the Associated Press. (Hide copyright information)
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BRAD FOSS, AP Business Writer
AP Online
03-09-2005
Gasoline prices appear at a gas station, in Providence, R.I., Tuesday, March 8, 2005, as a customer operates a pump. Crude oil prices rallied in recent weeks because traders were worried that the Organization of Petroleum Exporting Countries, or OPEC, which pumps about 40 percent of the world's oil, would cut production when it meets in Iran, on March 16, 2005. (AP Photo/Steven Senne)
Crude oil futures briefly rose above $55 a barrel Wednesday as traders shrugged off evidence of rising oil supplies in the United States and focused instead on strong demand, cold weather and the weak dollar.
Oil prices retreated toward the end of the day, ...