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Crude nears record quarterly price

03/22/2010
By Sam Fletcher
Oil prices had a strong start this year with the first quarter on course for the fifth-highest quarterly average price ever for key benchmark crudes and "on track to average even higher for the balance of the year," said Costanza Jacazio, vice-president of Barclays Capital Commodities Research in New York."The path of upstream earnings has been a near-perfect 'V' shape, with the blip down in late 2008 and early 2009 having been reversed relatively quickly," Jacazio said. "By contrast, downstream earnings have been following, at best, an 'L' shape. Refinery margins have remained depressed, albeit averaging a little higher than the very weak fourth quarter of 2009. ...
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