After hovering slightly below, oil prices reached over $80 a barrel on Wednesday as the dollar retreated somewhat and refineries began producing for summer.
Prices for crude were pushed up in early trading following a budget announcement by Greece that pushed up the Euro against the dollar. Greece’s tightened budget prompted to the dollar to slip against the Euro; thereby increasing its appeal for foreign investors.
Benchmark crude for April delivery tacked on $1.10 to reach $80.78 a barrel on the New York Mercantile Exchange Wednesday morning. At the pump, retail has prices were consistent with Tuesday at $2.703 a gallon, up 3.4 cents from a month ago.
Also increasing prices, production for Benchmark crude schedules for April delivery is up as domestic refineries produced more in the last four weeks than they have for several months in preparation for the spring and summer driving seasons.
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