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Oil Prices Reach Another Record High
2005-8-9 11:25:15
US crude oil futures hit record highs again on Monday, nearing 64 US dollars a barrel on news that the US embassy would close for several days in Saudi Arabia and reflecting concerns over the shutdown of several US oil refineries.
The market was on edge following Sunday's announcement of a security threat against U.S. government buildings in Saudi Arabia, the world's biggest petroleum producing country.

Ira Eckstein is from Area International Trading Corporation.

"We came into reports overnight that the Saudi embassy will close for a couple of days. There have been numerous problems with our US refinery system and it looks like we're having another hurricane possibly coming in the Gulf. There's been a lot of really bullish things coming into the market once again and everybody is always looking for that spare capacity."

In London, Brent blend crude futures for September rose to a record high of 62.70 US dollars a barrel on the International Petroleum Exchange.

Oil prices rose even though the OPEC said late Friday that it increased oil production by 300-thousand barrels a day in the past two weeks, to around 30-million barrels daily.

The market appeared to have largely disregarded the move.

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