Oil Tops $50 a Barrel
Oil closed at a three-month high Thursday, rising more than $3 to more than $51 a barrel, marking gains this month of more than $11, Bloomberg reported.
Benchmark light sweet crude futures rose $3.47 to close at $51.61 on the New York Mercantile Exchange, Bloomberg said.
Prices slipped slightly in early trading Friday on speculation the price might be too high in light of lower worldwide demand due to slow economic growth, falling to $50.51 in early trading, Bloomberg reported.
Prices rose Thursday after the Federal Reserve announced a plan Wednesday to spend more than $1 trillion to buy back debt and because of a weakening dollar, Bloomberg reported, though analysts said the price may fall back in the next week due to strong inventories.
