Oil hits highest price in more than a year - ABC 33/40 - Birmingham News, Weather, Sports

Oil hits highest price in more than a year

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Oil prices are going up.

They hit $102.18 a barrel Wednesday, which is the highest the price in over a year.   The recent protests in Egypt are partially to blame.  Traders fear tensions there could spread to the broader middle east.

Traders say an improving economy and a rise in demand for crude may also be playing a role in the increase.

Oil prices have risen about 16% in the last two months.

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