Oil price climbs above $90 on stronger US demand

Oil   Oil
By Chris Kahn on July 18, 2012

NEW YORK (AP) — The price of oil on Wednesday briefly hit $90 per barrel for the first time since May after the government said U.S. oil demand is on the rise.

The Energy Information Administration reported that average oil demand increased last week in the U.S. for the third week in a row. Oil demand had been down most of the year, when compared with 2011, as manufacturing activity slowed and drivers cut back on travel.

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