How High Oil?

It was another one of those days in the global oil markets:

Light, sweet crude for April delivery rose 22 cents to settle at $51.39 a barrel on the New York Mercantile Exchange. Brent crude rose 93 cents to $49.44 a barrel on the International Petroleum Exchange.

Crude futures are roughly 49 percent higher than a year ago after rallying nearly $3 a barrel on Tuesday. Prices moved higher on concerns about cold weather, the declining value of the dollar and the world's tight supply-demand balance, traders said.