Wednesday, October 31, 2007

Oil price at record $94 a barrel


A number of factors have lifted oil prices to $94 a barrel

Oil prices have hit a new record of $94 a barrel, as US government data showed a fall in crude stockpiles ahead of the cold winter months.

New York light crude rose $3.62, or 4%, to $94 a barrel.

The government latest inventory report showed that domestic crude stocks unexpectedly fell last week.

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