Oil Prices Jump To 2009 Record High For more than a week the price of oil has been rising. Prices jumped above $79 a barrel Monday before falling back. Prices are up because investors have been betting that world economies are recovering, and consumer demand for energy will rise. But if prices go too high that could harm the economy by leading consumers to cut back spending on other items.
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Oil Prices Jump To 2009 Record High

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Oil Prices Jump To 2009 Record High

Oil Prices Jump To 2009 Record High

Oil Prices Jump To 2009 Record High

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For more than a week the price of oil has been rising. Prices jumped above $79 a barrel Monday before falling back. Prices are up because investors have been betting that world economies are recovering, and consumer demand for energy will rise. But if prices go too high that could harm the economy by leading consumers to cut back spending on other items.

RENEE MONTAGNE, host:

NPR's business news starts with oil prices heading higher.

(Soundbite of music)

MONTAGNE: Oil prices are now near $80 a barrel. The price has been rising for more than a week and jumped above $79 today - a new high for the year. Prices are up because investors have been betting that world economies are recovering and consumer demand for energy will rise. But if prices go too high, that could harm the economy by leading consumers to cut back on overall spending if they have to pay more at the pump.

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