Oil Near $120 a Barrel

By: Associated Press Email
By: Associated Press Email

Vienna, Austria (AP) Supply concerns are pushing oil prices to new highs.

After a weekend refinery strike in Scotland closed a pipeline that delivers a third of Britain's north sea oil, prices rose to nearly $120 a barrel today.

The oil market will be closely watching this week's federal reserve policy meeting. The central bank's policymakers will meet tomorrow and Wednesday to decide whether to lower interest rates again and give an update on their assessment of the U.S economy and financial system.

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