Oil Closes Above $80 a Barrel for First Time
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Energy experts warn that the jump in the price of crude would raise prices for heating oil and gasoline in coming weeks.
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Crude oil in New York rose to a record $53.80 a barrel after the US said some production shutdowns in the Gulf of Mexico caused by Hurricane Ivan may last as long as six months.
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NEW YORK For the first time, oil has settled the day priced at more than 50 dollars a barrel. In New York, crude for November delivery rose 48 cents and closed at a record 50 dollars, 12 cents a barrel.
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Oil rose above $87 a barrel on Thursday after two days of losses, as production shutdowns in Nigeria and the North Sea outweighed growing evidence of weaker demand in the world's top oil consumer, the United States.
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Oil prices climbed Friday, closing above $55 a barrel for the first time, on worries that supplies will be stretched thin this winter while demand from China remains solid.
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Oil fell after hitting an all-time high of $80.20 on Thursday after Hurricane Humberto forced the closure of some U.S. Gulf refiners and stoked concerns of fuel shortages this winter.
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Oil prices reach a fresh high above $98 a barrel but fall back on higher-than-expected US crude supply figures.
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Oil hit a record high above $79 a barrel on Wednesday, propelled by an unexpectedly large drop in U.S. crude oil stocks that coincided with only a small output increase from OPEC ahead of peak winter demand.
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Oil prices climbed again Friday, closing above $55 a barrel for the first time on conercns of domestic shortages in the upcoming winter.
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Brent crude hits a record $46 a barrel, and US light crude hovers just below its all-time high despite reassurances over supply from Opec.
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NEW YORK -- The price of oil settled above $50 US a barrel for the first time yesterday amid concerns over tight supplies globally and hurricane-related production problems in the Gulf of Mexico.
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THE cost of oil soared to a record $US49.64 a barrel today as unrest in Nigeria and Saudi Arabia alarmed traders. Oil futures jumped to their highest closing price on record on the New York Mercantile Exchange.
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Business & money: US crude oil prices hit the psychological barrier of $100 a barrel for the first time today
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Oil leapt more than 1 percent to above $60 a barrel on Thursday, extending its rebound from an eight-month low on a newspaper report that OPEC members had agreed informally on the need to slash output by 1 million barrels per day.
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NEW YORK, October 26  - Crude oil prices resumed their upward rally to close at above $55 per barrel today, with a shift in focus back to the potential winter shortfall in the US inventories of heating oil, diesel and gasoline.
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Oil hit a record high above $79 a barrel on Wednesday, propelled by an unexpectedly large drop in U.S. crude oil stocks that followed only a small output increase from OPEC ahead of peak winter demand.
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NEW YORK : New York&#39;s main crude oil contract closed above 51 dollars a barrel for the first time, riding a speculative wave powered by fear of interruptions to supply from the Gulf of Mexico.