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March 31st, 2010
02:59 PM ET

Oil pares gains after supply increase, Obama speech

President Barack Obama wants to open new areas to offshore drilling.

President Barack Obama wants to open new areas to offshore drilling.

Annalyn Censky
CNNMoney.com

Oil prices were on track to post a new 2010 high Wednesday morning, but then fell after a higher-than-expected inventory report and the news that President Obama wants to open new areas to offshore drilling.

What prices are doing: Crude oil prices for May delivery rose $1.03 to $83.40 a barrel - higher than the 2010 peak of $83.18 - in morning trading.

But then the Department of Energy released a report showing higher-than-expected crude and gasoline supplies, and the market pared back earlier gains. Just after Obama's speech at 11:45 a.m. ET, prices were up only 57 cents to $82.92 a barrel.

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