Oil closes at $67.39; price is at 3-year high

The price of oil hit a new three-year high Friday and rose more than 8 percent this week.

West Texas Intermediate futures contracts for May delivery finished the week at $67.39 per barrel, an increase of 32 cents (0.48 percent) on the day and up $5.33 (8.59 percent) for the week.

Production cuts by OPEC member nations and Russia have greatly decreased the oil glut, which helped push the price higher, according to Bloomberg. While OPEC members agreed to reduce output by about 1.2 million barrels a day, their actual cut last month was more than 60 percent bigger, the report said. Also, global inventories are on track to shrink by 600,000 barrels a day from this quarter through the end of the year…

 

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