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October 12, 2008 10:25:58 AM CDT

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Oil Gushes Past $145

Posted Jul 3, 08 7:07 AM CDT in US,  Business 

(Newser) – The specter of conflict in Iran and a surprisingly large decline in US stockpiles pushed European oil prices above $145 today for the first time, reports the AP. A further weakening of the dollar, if the European Central Bank raises interest rates as expected later today, could push prices even higher. Crude has risen more than 50% since the end of 2007.

Source Associated Press

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The price of crude oil has been rising steadily.   (AP Photo)
Oil prices climbed to a record above $145 a barrel in European trading.   (AP Photo/Matt Rourke)
Fuel pumps show prices just under $5.00 a gallon at a marina in Marblehead, Mass., Tuesday July 1.   (AP Photo/Charles Krupa)
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Iran  • oil price  • interest rate  • weak dollar  • oil supply


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