Oil sets new record on lengthy US supply outage
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Oil prices hit a new record near $51 a barrel yesterday as a prolonged US production outage following Hurricane Ivan attracted fresh speculative buying.
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Brent crude, London's benchmark oil price, sets a new record of $47.42 a barrel in the face of US production problems.
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Oil prices held near historic highs  over $53 a barrel on Tuesday, with global supplies hounded by  outages that were thwarting efforts to build U.S. heating oil  inventories ahead of the winter.
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Oil prices jump to record closing levels in New York amid concerns about the US supply situation.
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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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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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NEW YORK -- Oil futures rose to a new record of $100.09 a barrel Thursday after the government reported a larger-than-expected decline in crude oil inventories and an unexpected rise in heating oil supplies.
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Oil vaulted to a record $100 a barrel on Wednesday as geopolitical turmoil, tight energy stockpiles, and a weak dollar triggered a flood of speculative buying, dealers said.
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NEW YORK -- Oil prices have moved to fresh record highs of almost $47 a barrel on concerns about potential supply disruptions in Russia and Iraq.
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Crude oil prices jumped above $51 a barrel yesterday, setting a fresh record amid a prolonged production shut-down in the Gulf of Mexico in the wake of Hurricane Ivan.
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Crude oil prices surged to a record, exceeding $51 a barrel in New York for the first time, amid concern that hurricane damage to production platforms in the Gulf of Mexico will keep supplies from rising enough to meet winter needs.
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Oil prices set a new record at $53 a  barrel on Thursday on concerns over tight winter heating fuel  supplies and news that a strike in Nigeria had put some crude  exports on hold.
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Oil prices surged to yet new record  highs Tuesday, driving U.S. crude above $54 as global supply  outages thwart efforts to build winter heating fuel  inventories.
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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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Crude oil surpassed $50 a barrel and was close to a record in New York as US production in the Gulf of Mexico took longer than expected to recover, slowing the buildup of inventories to meet winter needs.
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Oil&#39;s record-breaking rally lifted US crude beyond $52 a barrel on Wednesday, fueled by the impact of Hurricane Ivan on US winter inventories.
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Crude oil in New York traded near a record high as US producers in the Gulf of Mexico struggled to restore output cut by Hurricane Ivan at a time when refiners are trying to build up winter-fuel supplies.