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Oil prices are up now, but surge might be short-term
Oil prices have jumped by about one-third since the summer on signs of stronger economic growth around the world and fear of instability in the Middle East. So far, however, the run-up isn’t setting off alarm bells. Prices remain far below their 2014 peaks. And U.S. producers are pumping at a record rate, leading some experts to bet that the higher prices won’t last long. At midday Monday, Brent crude, the benchmark international price, was down 27 cents to $63.25, while the standard for U.S. oil was up 10 cents to $56.84. Those are sharp increases since mid-June — about 35 percent for U.S. crude, nearly 40 ... (full story)