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Oil over USD 101 on US supply drop, Egypt
July 04, 2013
The price of oil rose above USD 102 a barrel for the first time in 14 months on concerns about Middle East supplies and signs of an increase in US demand for fuel.
Around midday today, US benchmark oil was up USD 1.63 to USD 101.23 a barrel. It rose to USD 102.18 earlier, a high since May of last year. Oil has not closed above USD 100 since May 3, 2012.