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U.S. oil has risen sharply in price

December 12 2008
01:51

Strong growth in oil prices recorded on Thursday in the U.S.. Following the auction, held at the New York Mercantile Exchange, the price of a barrel of "black gold" has risen to 4.46 dollars, reaching 47.98 dollars.

Analysts believe that rising prices for oil futures, primarily related to depreciation of U.S. dollar against other major world currencies. With the fall of the dollar by foreign investors is especially advantageous to buy various goods, including oil, for the U.S. currency.

In addition, the market situation was determined by investor expectations associated with the upcoming next week's meeting of representatives of States of the Organization of Petroleum Exporting Countries / OPEC. As expected, they decide to reduce production volumes of "black gold", which aims to raise the price for this type of fuel.

Oil prices fell from record highs that they reached last summer, nearly tripled. Nevertheless, some experts believe that the decline in oil production will not lead to an increase in prices. In their view, this does not happen due to a general slowdown in the global economy caused by the global financial crisis, reports ITAR-TASS .

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