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Barclays: Oil could hit $71

Crude oil may be headed for $71.55 a barrel after breaking through $56.10 a barrel, according to Barclays Capital.

Should the June crude oil contract push through the high of $56.10 a barrel reached March 26, futures may climb past the Jan 6 intraday high of $59.66 to $62 a barrel, Barclays Capital analysts, led by Jordan Kotick, said in a May 4 report.