Friday, November 02, 2007

Oil prices vault to new record high above 96 dollars

World oil prices rocketed to a record 96.24 dollars per barrel on Thursday as traders absorbed a surprise fall in US crude stocks alongside the Federal Reserve's interest rate cut. "It's a magnet of 100 dollars a barrel," said Robert Laughlin, broker at Man Financial, indicating that New York crude could soon reach the psychological barrier.

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