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September 8, 2008 7:15:31 AM CDT

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Oil Rises to Record High, Again

Posted Oct 29, 07 6:28 AM CDT in Business 

(Newser) – Oil prices topped $93 today, breaking another record on news that Mexican production would drop by 20% due to a storm. "This is on top of what has already been simmering,” said an analyst in Singapore. Prices have been breaking records for a week due to US-Iran tensions and Turkish-Kurdish border skirmishes. Experts also cite the weak American dollar.

Prices are close, in inflation-adjusted dollars, to the all-time 1980 high of $38. Analysts say the risk premium is driving prices towards $100 a barrel, though shortages were part of the high price. Government reserves were found to be lower than expected last week, driving an additional 9% surge in prices.

Sources Associated Press, Reuters

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Graphic shows crude oil prices; 1c x 3 inches; 46.5 mm x 76.2 mm   (Associated Press)
An attendant pumps petrol into a vehicle at a local gas station Monday, Oct. 29, 2007 in Singapore. Oil prices hit a new trading high on Monday amid concerns about political tensions in the Middle East...   (Associated Press)
High gas prices are posted at a Shell gas station in Redwood City, Calif., Friday, Oct. 26, 2007. Crude oil prices spiked above $92 a barrel Friday on tensions in the Middle East and renewed concerns...   (Associated Press)
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Iran  • oil price  • oil  • Mexico  • Turkey  • OPEC  • gold


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