Oil prices jumped more than $1 as traders worried that several
refinery outages could strain U.S. gasoline supplies ahead of peak
summer driving demand.
U.S. light crude rose $1.35 to $55.55 a barrel, continuing a four-day
rally that has added more than $4 to prices.
Rising oil prices raise concerns that higher energy costs will pinch
corporate profits and curb consumer spending.
From Reuters, 4/22/05:
http://story.news.yahoo.com/news?tmpl=story&cid=568&ncid=749&e=7&u=/nm/bs_nm/markets_stocks_dc
Stocks Fall, Oil Spikes Above $55
By Michael Flaherty
NEW YORK (Reuters) -
U.S. stocks fell on Friday, as oil prices jumped above $55 a barrel
and shares of retailer Costco Wholesale Corp. tumbled on a
disappointing outlook, dampening sentiment a day after a major market
rally.
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