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Crude Oil Hits New Nine-Year High

 

Updated from 1:25 p.m. EST

Crude oil prices surged to a new nine-year high on Wednesday after a report, later denied, that the Organization of Petroleum Exporting Countries would raise production by 1.2 million barrels per day starting April 1.

April crude oil futures closed up $1.34 cents, or 4%, at $31.77 a barrrel at midday, the highest level since the Persian Gulf War, when crude hit $32.75. ...

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