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The Latest Oil Price News


6
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Oil price rises above $133 on Nigeria, North Sea
Oil prices rose above $133 on Monday due to lingering supply concerns from key oil producer Nigeria and a partial shut-in at the North Sea oilfields. London Brent crude rose $1.46 to $133.03 a barrel by 6:36 a.m. EDT (1036 GMT), marking a larger gain than US crude. US crude rose $1.10 cents to $133.29. Last week, it struck a record high of $135.09.
 
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Oil Rises for a Third Day on Dollar Declines, Output Disruption
Crude oil rose for a third day, trading near a record $142.99 a barrel in New York, as the slumping dollar and concern that supply may be disrupted spurred demand for commodities. Oil has also gained this year as militant attacks in Nigeria, Africa's second-biggest crude producer, and output failures in the North Sea reduced supplies.
 
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A struggling Labour government, high oil prices and climbing inflation
When the oil price hit $100 a barrel at the start of this year, it was a curiosity but not a cause for great alarm. The price had, after all, topped $70 in the summer of 2005 when Hurricane Katrina struck, risen above $80 in 2006 and been hovering in the $90s for some time. But last week’s climb to more than $135 a barrel was different.
 
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Palm Oil Advances to 10 Week High on Crude Oil & Soybean Outlook
Palm oil futures in Malaysia gained a third day to the highest in more than 10 weeks as high crude oil prices and the outlook for tighter vegetable oil supply increased the appeal of the commodity for biofuels. Palm oil and its main substitute soybean oil, mostly used in cooking, often climb when crude rises as it boosts the appeal of alternative fuels. Crude oil surpassed $135 a barrel in NY...
 
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Oil price slips towards $130 amid rising protests
Developments in oil prices continued to dominate commodity markets on Tuesday as truck drivers converged in London to protest at rising fuel costs and fishermen tried to block access to France’s largest oil refinery at Gonfreville. Nymex July West Texas Intermediate fell $1.50 to $130.69 a barrel after reaching a record $135.09 last week while ICE July Brent crude lost $2 to $130.37 a barrel.
 
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Britain's Brown calls for global action on oil price
Brown, who saw hundreds of protesting British truck drivers cause road chaos in the capital on Tuesday as they demanded government help over rising fuel prices, said he understood the impact on families across the country, but only a comprehensive international strategy would work in bringing oil prices down.
 
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Is oil windfall a curse for poor countries?
Red-hot oil prices are a blessing for big energy companies but often prove a curse for poor oil-producing countries. Exxon Mobil Corp and other energy giants traditionally use good times as an occasion to make prudent investments with their cash. But oil-rich countries that are poor -- and often poorly run -- tend to squander their windfall profits on dubious projects or have them stolen.
 
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US oil probe focusing on price manipulation: report
A US regulatory probe into potential oil market trading abuses is focusing on possible short-term manipulation of benchmark crude prices and the use of information related to important oil storage tanks to influence prices, the Wall Street Journal reported on Friday. US crude oil hit a record high of $135.09 a barrel last week, and is up by more than 40 percent this year.
 
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Oil price ends EU rate cut prospect
Eurozone inflation has surged back to the record levels seen earlier this year, German data suggested yesterday, as soaring oil prices all but ruled out any early cut in European Central Bank interest rates. The latest oil price surge has changed the interest rate outlook significantly.
 
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US stocks rise as oil prices edge down
Wall Street stocks rose for a third straight session on Thursday as oil prices dropped, financials rallied on a bullish analyst report and data showed the US economy grew faster than previously thought in the first quarter. Crude prices dipped well below $130 a barrel on Thursday, giving companies dependent on discretionary consumer spending a boost.
 



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