World Oil Prices Rise Despite Worsening Global Economy

April 19, 2011
The price of oil on world commodity exchanges was growing Tuesday morning despite reports that the outlook for the world economy was worsening and likely to dampen demand for fuel.

The price of a May futures contract for WTI light sweet crude in electronic trading on Nymex was up 4 cents to $107.16 a barrel by 6:50 Moscow time. The price of a May futures contract for North Sea Brent blend was up 9 cents to $121.70 in London.

The day before, May WTI contracts dropped $2.54 to $107.12 a barrel, while May Brent contracts were down $1.84 to $121.61.

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