tagged w/ Crude Oil
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SINGAPORE (AP) -- Crude oil prices rose above a record $99 per barrel Wednesday as worries about inadequate winter supplies in the Northern Hemisphere and news of refinery problems stoked bullish sentiment.
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Analysts say the market is now looking at $100 a barrel as the next target to hit.
The declining U.S. dollar and speculation that the U.S. Federal Reserve will again cut interest rates also boosted prices. Some investors put their money into oil contracts, betting that gains in their price will offset dollar weakness.
"The market is now really looking at $100 a barrel as the next target to hit," said Victor Shum, an energy analyst with Purvin & Gertz in Singapore.
"The fact that we are having this surge in pricing in this short trading week underscores the strength of this bull run for oil." SINGAPORE (AP) -- Crude oil prices rose above a record $99 per barrel Wednesday as... more
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