Oil flirts with 50 a barrel before retreating
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PARIS Oil prices rose to a record Monday but shied away from the $50-a-barrel mark, as traders expressed concerns that hurricanes had hurt output in the United States while commercial supplies remained low.
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OIL prices surged past $50 a barrel yesterday, driven to the historic high by the threat of an armed uprising in Nigeria against the government and multinationals.
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Oil prices charged toward $50 a barrel Monday as petroleum output in the Gulf of Mexico returns at a slower-than-expected rate in the aftermath of Hurricane Ivan and geopolitical unrest keeps traders on edge.
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Oil prices briefly raced above $47 a barrel yesterday, then backed off after worries faded about colder weather in the United States and about rough weather that slowed efforts to restore crude production in the North Sea.
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Oil prices rallied further on Monday,  clawing back toward $50 a barrel for U.S. crude on heightened  concerns over low supplies of winter heating fuels.
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Oil futures retreated from record levels Wednesday as investors, rethinking crude's ability to keep climbing past $100, decided to cash in some of their profits from the market's huge advance.
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The weeklong slide in the price of oil from a record of almost $50 ends with a slight rise in New York and London.
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Oil prices deepened this week's 8  percent rout on Friday, edging nearer $50 a barrel as China's  surprise interest rate rise stirred concerns over demand growth  from the world's second largest energy user.
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By Malcolm Moore, Economics Correspondent (Filed: 21/08/2004). The price of oil came close to $50 a barrel in New York yesterday, as fighting between US forces and Moqtada al-Sadr&#39;s militia in Iraq continued to inflame the market.
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NEW YORK -- Crude oil futures briefly climbed back over $50 a barrel yesterday, with worries over the security of Nigerian supplies supporting prices despite a surprise increase in US crude inventories.
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Crude oil futures rose to within a quarter of $50 a barrel Monday after a gas leak shut down a North Sea oil production platform and as traders weighed concerns about heating oil supplies against the fact that temperatures have been mild in recent weeks.
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Crude oil extended its retreat on  Monday from a 21-year high near $50 a barrel, lifting most  Asian shares and giving investors some respite from concerns  that energy costs would choke off profits and economic growth.
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WASHINGTON &#151; Oil prices charged toward $50 a barrel yesterday, and gasoline prices surged to $1.92 a gallon last week, as petroleum output in the Gulf of Mexico returns at a slower-than-expected rate after Hurricane Ivan, and geopolitical unrest keeps traders on edge.
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Crude oil futures surged to within striking range of $50 a barrel yesterday, though traders were split on where the market was headed next.
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Shares shuffled to a mixed finish yesterday, rebounding from earlier lows as oil prices retreated after surging past $50 a barrel.
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Oil prices ended above the $50-a-barrel mark on Friday amid concern over possible conflict in Nigeria's oil-producing delta region, where a two-day truce between rebel militia and government forces is holding.
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Oil prices ended above $50 a barrel on  Friday amid concern over possible fighting in Nigeria's  oil-producing delta region, where a two-day truce between rebel  militia and government forces was holding.