Oil Quietly Charges Above $54

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A barrel of oil traded as high as $54.05 on the NYMEX today, but settled at $53.80.

Is oil back, then? It certainly appears that it is for now. The market at large was up today, spurred by the Geithner banking plan. Will the economy shift back into gear sooner than later, reinvigorating oil demand? Perhaps.

Or, maybe people are just piling into oil as the dollar continues to weaken.

Photo: Ezioman

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