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Oil Tops $91 For First Time Since Late May

Thu, 07/19/2012 - 12:15pm
AP

(AP) — Oil prices rose above $91 a barrel for the first time since late May on signs of increased demand in the U.S. and amid rising tensions in the Middle East. Early in New York, benchmark crude was up $1.56 at $91.43 a barrel. The price has risen about $14 per barrel since oil hit its low for the year three weeks ago.

U.S. drivers are seeing a corresponding increase at the pump. A gallon of regular gas now costs an average of $3.44, up 11 cents from July 1. The Energy Information Administration reported Wednesday that average oil demand increased last week in the U.S. for the third week in a row. The escalating conflict in Syria and renewed tensions between Iran and Israel are also contributing to oil's rise.

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