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WSJ: Oil Prices up 37% since Low in February


From the WSJ: Oil Prices Jump as Drilling Drops

Light, sweet crude for April delivery settled up .35, or 3.9%, Friday at .92 a barrel on the New York Mercantile Exchange, the highest settlement since Jan. 5. Prices are up 37% from the 13-year low reached last month.

For the week, U.S. crude was up 9.6%.

U.S. oil output has fallen from a peak in April as companies sharply cut spending on new drilling, but it hasn’t declined as much as some investors expected because producers increased their efficiency and lowered drilling costs. Some analysts say U.S. production is due to drop more quickly this year because companies have announced new budget cuts in recent weeks.

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