Crude Jumps $5 On Weak Dollar, Reports Saudi Parliament Will Explore Production Cuts
Crude oil rose $5.60, or 4.6%, today to close at $127.90 per barrel. The move in crude is being attributed to the dollars drop against the euro on word from the ECB's President Jean-Claude Trichet that it may raise interest rates to combat inflation.
In addition, reports from major oil producer Saudi Ariba said the Saudi parliament will explore a controversial proposal to curb oil production to save reserves.
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