Oil, gas prices reach yearly highs

The Associated PressMay 28, 2009 

— Oil and gasoline prices hit a new high for the year Wednesday despite expectations that OPEC will not cut production again.

Benchmark crude for July delivery rose $1 to settle at $63.45 a barrel on the New York Mercantile Exchange. Prices haven't been that high since early November. Retail gasoline prices, which are up 19 percent in the past month, rose 0.9 cents to $2.434 a gallon, also a high for the year.

Recent signs of optimism about the economy could lead to a rebound in demand for energy. Oil prices dipped below $35 a barrel as recently as March.

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