Crude Oil
Oil prices up 11% in 2 weeks
02/19/2010
**By Chris Kahn**
AP Energy Writer / February 19, 2010.
NEW YORKâOil prices continued to rise Friday as a refinery strike in France and worries over Iran's nuclear program suggested petroleum supplies may tighten in the future.
Energy prices dipped overnight after the Federal Reserve announced that it will bump up the so-called "discount" lending rate. That sent the dollar to its highest level since May. Crude, which is priced in U.S. currency, tends to fall in price as the dollar rises and makes oil barrels tougher to buy for investors holding foreign money.
A Labor Department report Friday morning though said consumer prices excluding food and energy fell in January for the first time since December 1982. That tempered concerns of future inflation, analyst Phil Flynn said.
Read more: http://www.boston.com/business/articles/2010/02/19/oil_prices_up_11_percent_in_2_weeks/
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