Thursday, October 25, 2007

Oil prices hit a new record

NEW YORK -- Oil futures jumped to a new record above $90 a barrel Thursday on news that OPEC production increases aren't coming as fast as expected and that the cartel won't announce new output quotas when it meets next month. Light, sweet crude for December delivery rose $2.74 to $89.84 a barrel on the New York Mercantile Exchange after rising as high as $90.10 earlier, a trading record just above the previous mark of $90.07. Source:

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