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Crude Oil Barrel Will Cost Soon 50 Bucks

Oil prices are expected to hit the level of USD50

Crude Oil Barrel Will Cost Soon 50 Bucks

Oil prices are expected to hit the level of $50. So think some market analysts.
"It's just up, up and away. There's no stopping it," said Edward Meir, New York's Man Energy analyst, adding oil at $50 US a barrel is now seen as a conquerable summit.
The commodity surged after the head of OPEC said taps are wide open and supplies are still too tight to cool prices.
"All we know is it's going to keep this upward pressure on prices going," said Andrew Pyle, senior economist at Scotiabank.
He said, "Now that we're clearly through $40 US a barrel and holding, you're going to have more guys talking about, well, can we get to $50 US a barrel. At some point, that's really going to bite into the U.S. economy."
Such a point might have arrived yesterday as high energy costs were cited in a U.S. government report behind consumer spending suffering its biggest fall in three years.

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