Friday's higher oil prices were caused by traders' bargain-hunting activity after last day's drop in prices. But the expectation of cold weather in the northeastern United States also put an upward pressure on prices.
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March Crude Prices Climbed
Crude oil price soared above $48 a barrel Friday
Crude oil price soared above $48 a barrel Friday on bargain-hunting by traders following a drop in prices over previous day.
Oil futures for March delivery rose 81 cents to end at $48.35 per barrel on the NYMEX. Meanwhile, in London?s IPE April Brent futures contract added 52 cents to close at $46.34 a barrel.
Friday's higher oil prices were caused by traders' bargain-hunting activity after last day's drop in prices. But the expectation of cold weather in the northeastern United States also put an upward pressure on prices.
Friday's higher oil prices were caused by traders' bargain-hunting activity after last day's drop in prices. But the expectation of cold weather in the northeastern United States also put an upward pressure on prices.
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