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Oil rose slightly in early trading Monday but held near a six-week low just over $103 a barrel, Bloomberg reported.
Crude futures rose 28 cents to $103.30 per barrel in early New York Mercantile Exchange trading, up from Friday’s closing price of $103.02, Bloomberg said.
Thursday’s $102.78 closing price was the lowest Nymex closing price since Feb. 16, according to Bloomberg records.
President Obama said Friday that world oil supplies were sufficient to proceed with sanctions against Iran, OPEC’s second-largest supplier, Bloomberg reported.
Diesel and gasoline prices have risen almost every week for the past three months, with diesel topping $4 a gallon and gasoline approaching that level.