Global demand pushing North Slope oil toward $85 a barrel

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North Slope oil had stayed above $80 a barrel for five consecutive days, the longest stretch in nearly four years.

On Tuesday, it closed at $84.16, according to the Department of Revenue's latest available price data. In October 2014, North Slope oil stayed above $80 the entire month, eclipsing $90 a barrel for several days. But two months later, it was in the mid-$50 range and part of a continued slide that sent the state into a multi-billion dollar budget deficit. One year ago, oil hovered around the $55 range. Investors say oil prices may be climbing too fast, but fear and uncertainty in the market could keep the pressure on crude futures in the coming weeks.

Global demand pushing North Slope oil toward $85 a barrel

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