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DrumBeat: May 7, 2008
http://www.theoildrum.com/ node/ 3950
Oil surges to new highs, dealers focus on diesel NEW YORK (Reuters) - Oil prices rose 1.4 percent on Wednesday, extending further into record territory amid intensifying worries over tight world supplies of diesel fuel. U.S. crude leapt $1.69 to settle at $123.53 a barrel, before hitting an all-time peak of $123.89. London Brent rose $2.01 to $122.32. Crude prices have doubled in a year and risen sixfold since 2002 on rising demand from China and other developing countries, adding pressure to economies already hard hit by a housing and credit crunch. U.S. President George W.
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