Crude oil prices rose over $3 to reach the highest prices since November 30th. The move came on the heels of news released yesterday by The Energy Department that supplies had their biggest one week drop since 2004.The drop in crude-oil supplies left inventories at the lowest level since March 2005.

The falling dollar and the outlook on Chinese economic growth also contributed to the move. Many traders in New York also explained today’s rising prices to a sense that prices had just dropped too quickly. Crude oil traded over $99 early last week.

These comments about Iran by Secretary of State Condoleezza Rice also sent crude prices higher

“Indeed international pressure and international scrutiny can and might lead them to make healthy choices”