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VOL. 35 | NO. 22 | Friday, June 3, 2011




Oil rises on concerns about future supplies

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NEW YORK (AP) — Oil continues to climb as investors focused on how the world would meet energy demand in coming months.

Benchmark West Texas Intermediate crude for July delivery rose 94 cents to $101.68 per barrel in Thursday morning trading on the New York Mercantile Exchange.

World oil demand is expected to outpace supplies later this year by the widest margin since 2007. While OPEC has decided not to officially increase oil production, Saudi Arabia and a few other oil-producing nations are expected to boost exports anyway. Analysts aren't sure if it will be enough to meet demand.

Gasoline pump prices fell 1.4 cents Thursday to $3.734 per gallon. Natural gas futures lost 7 cents at $4.775 per 1,000 cubic feet after the government said supplies grew last week more than analysts expected.

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