Oil closes above $112 per barrel

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Oil closes above $112 per barrel

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US demand remains robust despite rising fuel costs.

21 April,2011 11:46 am

Oil prices jumped above $112 a barrel on Thursday in Asia to near the highest level since 2008 amid signs US demand remains robust despite rising fuel costs.Benchmark crude for June delivery was up 57 cents at $112.02 a barrel at mid afternoon Singapore time in electronic trading on the New York Mercantile Exchange.Benchmark oil surged $3.17 to settle at $111.45 on Wednesday as falling US crude and products supplies suggested a two-month rally hasnt deterred consumer spending.