Trade outlook good despite oil price hikes
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Global commerce is expected to grow 8.5 percent by the end of this year, helped by economic expansion that could overcome record oil prices, the World Trade Organization said Monday.
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Oil held above $75 a barrel on Wednesday, as traders awaited data that is expected to show U.S. crude stocks fell last week and an OPEC meeting next week where supply is likely to remain unchanged.
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Oil held steady near &#36;70 a barrel on  Friday as investors grew more optimistic about economic growth  and energy demand in the U.S., the world&#039;s top oil consumer.
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Oil prices rose on Wednesday, pushed upwards by technical buying, but struggling to break above the narrow range that has persisted this month.
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High oil prices pose a risk to the  global economy, but the economic outlook for 2005 is still  favorable, the Group of Seven nations said in a statement  following their meeting on Friday.
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Oil prices held firm on Tuesday as China showed no let-up in its strong import growth and US Gulf producers reported damage to offshore rigs from Hurricane Ivan.
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Oil prices extended gains over &#36;71 on  Friday, buoyed by healthy U.S. economic growth that hinted  recent record prices may not hit robust demand.
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The world economy this year should post its best growth in three decades even though oil prices are up sharply and economic activity in the United States probably will be slower than previously thought.
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Oil markets were little changed Wednesday but prices appeared positioned for an increase as traders traced the path of the strongest storm to hit the Arabian Peninsula in 60 years.
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The coming week is expected to bring evidence of continued rises in upstream inflationary pressures alongside little change in the country's trade balance.
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Crude oil futures remained high Thursday as traders concerned that US heating oil supplies might be insufficient to meet winter demand.
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Crude futures were little changed in Asian trade Monday, holding onto sharp gains that came Friday amid a resurgence of jitters about a possible supply crunch over the coming winter months.
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Oil prices rose on Tuesday on cheery  economic data showing that inflationary pressure was held in  check in July and ahead of weekly inventory due out on  Wednesday forecast to show a draw in crude stocks
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Oil prices held steady on Wednesday  as traders awaited key inventory data in the United States, the  world's biggest energy consumer, and a fresh outlook on the  U.S. economy from the Federal Reserve.
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Global commerce is expected to grow 8.5 percent by the end of this year despite record oil prices which are causing renewed gloom, the World Trade Organization said Monday.
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Oil prices held steady on Tuesday  after falling 2 percent a day earlier and were set for further  falls in anticipation of higher U.S. crude stocks despite  concerns over disruptions to Iraqi oil flow.
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Oil prices held strong on Friday not far below the &#36;55-a-barrel mark as traders worried time is running out to top up low heating oil inventories before winter.