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Oil roars to new record

Reuters reports, "Oil prices have set new highs, underpinned by fresh evidence of strong Chinese demand, worries about sabotage in Iraq and fears of unrest in Venezuela ahead of a weekend referendum on the rule of President Hugo Chavez.

News of an explosion at the U.S. Whiting, Indiana refinery spiked U.S. light crude futures to a record $45.93 a barrel on the New York Mercantile Exchange on Friday. London Brent set a record $43 a barrel, up 71 cents."

Prices have hit new records in all but one of the last 11 trading sessions, buoyed by world demand growth that is running at the fastest rate in 24 years and on concerns about stretched world production capacity.

Read more - Oil roars to new record [Reuters]

Permalink :: Posted by Clay Butcher on August 15, 2004 :: ::
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