Crude Oil Soars to 4-Week High on Storm-Related Shutdowns
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Crude oil surged to a four-week high, bringing the gain this week to almost $3 a barrel, on concern that shutdowns caused by Hurricane Ivan would further reduce inventories.
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The price of oil has continued its sharp rise overnight, closing at a record high. The main contract in New York, light sweet crude for delivery next month, has closed at a record $US46.75 a barrel - up 70 cents on yesterday&#39;s close.
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World oil prices rose on Friday,  boosted by production stoppages due to a severe hurricane in  the Gulf of Mexico and worries that another storm might further  delay imports into the United States.
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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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Crude oil prices vaulted to a record high $80 a barrel on Wednesday as dealers focused on tight inventories in top consumer the United States ahead of peak winter demand.
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Oil prices headed up toward $45 a  barrel on Wednesday as Hurricane Ivan shut 60 percent of crude  output in the Gulf of Mexico and at least five refiners along  the U.S. coast planned to close as a precaution.
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London - Oil prices roared to new record highs yesterday, within a whisker of $51 a barrel, on worries about supplies from the Gulf of Mexico, where almost 30 percent of production remains shut.
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Oil prices extended record-setting highs  above $51 for U.S. crude Wednesday, led by worries over the  impact of Hurricane Ivan on U.S. winter fuel stocks.
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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 prices jumped above $75 a barrel on Tuesday after a top U.S. hurricane forecaster called for a busy end to the Atlantic storm season, raising concerns over potential disruptions to oil and gas production.
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Oil prices headed up toward &#36;45 a barrel on Wednesday as Hurricane Ivan shut 60 percent of crude output in the Gulf of Mexico and at least five refiners along the U.S. coast planned to close as a precaution.
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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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World oil prices rose on Thursday as  Hurricane Ivan reached the U.S. Gulf Coast, shutting more than  1 million barrels daily of output in the Gulf of Mexico and 13  percent of U.S. refining capacity.
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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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Oil jumped $1 past $75 a barrel on  Tuesday as a top U.S. hurricane forecaster called for a busy  end to the Atlantic storm season, raising concerns over  potential oil and gas disruptions.
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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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Oil prices jumped to the highest level in two weeks on Thursday, buoyed by a cold weather front in the United States and below-average stocks of winter heating fuels.