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Crude Oil Climbs Back Above $140

West Texas crude futures rose $5.60 to $141.65 a barrel on the New York Mercantile Exchange, and Brent futures gained $5.45 at $142.03 a barrel.

Crude oil futures continued their recent run of volatility, closing sharply higher Thursday and again surpassing $140 a barrel.

West Texas crude futures rose $5.60 to $141.65 a barrel on the New York Mercantile Exchange, and Brent futures gained $5.45 at $142.03 a barrel.

Futures for reformulated gasoline gained 13 cents to $3.51 a gallon, and heating oil was up 19 cents at $4.04 a gallon.

The International Energy Agency's monthly report on global oil markets, released to the public early Thursday, upped the agency's forecast for total global oil consumption in 2008 by 1% to 87.7 million barrels.

The IEA is infamously known for making large changes to its energy predictions month-to-month. However, its outlook has remained steady the past several months as signs of demand being destroyed have trickled in from more and more global economies.

While the IEA's report notes that "global demand is significantly below trend" for 2008 and 2009, "non-OCED (Organization for Economic Cooperation and Development) is still expected to remain exceptional."

On Wednesday the U.S. Energy Information Administration released a prediction that domestic oil consumption this year will fall 1.5% from last year. Similar reports have been made from other developed nations.

Among stocks,

ConocoPhillips

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rose 2.7% to $90.10, while

Royal Dutch Shell

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slipped 0.4% to $77.30.

Exxon Mobil

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climbed 2.1% to $86.06.

The

U.S. Oil

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ETF was stronger by 4.3% at $114.34.