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Oil Prices Rise: Good Sign for Global Economy?

Comstock Images/Thinkstock(NEW YORK) -- If oil prices are any indicator, the global economy could be making a turn for the better.

Crude oil rose to a three-month high on Friday, now hovering around $98 a barrel.  Moreover, crude is up 30 percent in a little more than a month.

The stronger demand for energy is a key economic indicator.  Investors are growing more hopeful that Europe will be able to keep its debt problems from creating an international crisis.

Copyright 2011 ABC News Radio

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