An article from the Associated Press states that oil prices are nearing their high for the year as investors are gearing up for a round of production cuts from OPEC.

The article stated the following:

Benchmark crude for April delivery gained $1.58 to $47.10 a barrel on the New York Mercantile Exchange. Prices reached as high as $48.83 earlier in the day. A barrel of oil last cost more than $50 in early January.

Oil has been ready for a recovery, and historically it's hard to find a 30-day window kinder to the market than about March 15 through April 15, said Tom Kloza, publisher and chief oil analyst at Oil Price Information Service.

Gasoline prices are sure to follow that rough trajectory upward as the U.S. heads into driving season.

Kloza said prices seem to be heading toward the $50 threshold.

To read the article in its entirety simply click on the following link:

http://www.google.com/hostednews/ap/...

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