Oil Rises to Record Near $51 as Hurricanes Curbed US Output
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Crude oil prices rose to a record in New York and London after hurricanes in the Gulf of Mexico curbed US production for more than three weeks, slowing the accumulation of supplies to meet winter needs.
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WASHINGTON -- Oil prices reached $53 US a barrel yesterday and have advanced more than 20 per cent in a month, largely because hurricane-hobbled output in the Gulf of Mexico has not been restored as quickly as expected.
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NEW YORK, Sept 23  - Oil prices edged closer to record territory Thursday as markets shrugged off news that the US government may draw from its strategic reserves to make up for shortages due to Hurricane Ivan.
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Oil prices hit another record on  Friday, trading as high as $53.40 a barrel, on supply worries  ahead of a planned oil worker strike in Nigeria and delays in  post-Hurricane Ivan U.S. output recovery efforts.
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Crude oil futures traded near a record after rising above $51 a barrel yesterday on concern hurricane damage to production platforms in the Gulf of Mexico will keep supplies from rising enough to meet winter demand.
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Oil prices climbed above $47 a barrel, setting yet another record, after figures showed that supplies in the United States were down for a third consecutive week.
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new yorkâCrude oil surged to a four-week high yesterday, bringing the gain this week to almost $3 (US) a barrel, on concern shutdowns caused by Hurricane Ivan will further reduce US inventories.
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Oil prices climbed to within a dollar  of a new record on Wednesday after the U.S. government reported  a big decline in oil stockpiles because of disruptions from  Hurricane Ivan.
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Oil prices extended record-setting highs  close to $52 a barrel for U.S. crude on Wednesday, fueled by  the impact of Hurricane Ivan on U.S. winter inventories.
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US oil prices hovered just shy of $44 a barrel on Tuesday, awaiting the arrival of Hurricane Ivan in the oil-rich Gulf of Mexico, where energy companies had evacuated thousands of offshore workers and shut some production.
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Oil prices were hovering close to last weekâs record high today after breaking through the 50 US dollars mark again. Production problems in the Gulf of Mexico due to
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Oil jumped to a record high near $94 a barrel on Monday as stormy weather disrupted supplies from giant exporter Mexico and the dollar wallowed near record lows.
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Crude oil prices pushed past the psychologically important US$50-per-barrel mark Tuesday to an all-time high of US$50.01 as the market reacted to the slow recovery of US oil production in the Gulf of Mexico following Hurricane Ivan.
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Oil prices set a new record above $50  a barrel on Tuesday as a prolonged U.S. production outage  following Hurricane Ivan attracted fresh speculative buying.
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Oil prices hit a new record of 50.47 US dollars a barrel on Tuesday as rebels in Nigeria threatened oil output and hurricane Ivan slashed production in the Gulf of Mexico, despite Saudi Arabian pledge to increase output.
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World oil prices rose on Thursday on worries about oil production shut by Hurricane Ivan and a new storm that could delay imports from entering the Gulf of Mexico.
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ARIS, Aug. 18 - Oil prices climbed above $47 a barrel today, setting yet another record, after figures showed supplies in the United States were down for a third consecutive week while a report from OPEC highlighted the threat of high oil ...