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Oil back above $100
 Source: Mediascrape
Crude oil is back above $100 a barrel, and moving swiftly higher, after OPEC kept production levels steady - as expected. The group of oil producing nations said the market is adequately supplied and blamed the weak dollar, speculators, and political tensions for driving oil prices to record highs. Factors it says are out of its control. Weekly supply numbers out of the U.S. are also supporting higher oil prices. Crude supplies fell for the first time in eight weeks. But that's mildly positive, given gasoline supplies are sitting at 14-year highs. In the equity market, the Dow is looking up for the first time in five sessions. There's some follow-through from upbeat comments made late-Tuesday by the head of Cisco Systems. And some relief a contraction in the massive services sector was not as deep as feared. But investors still have reason to worry. A private survey showed the first monthly drop in job creation in nearly five years. That does not bode well for Friday's government report which is expected to show a small rise in job growth for February. Conway Gittens, Reuters. COMPANIES MENTIONED: SYMBOLS:
Rating: (0 ratings) Views: 2 Added: Mar 8, 2008
Category: Business
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