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Monday, August 09, 2004

US oil price hits record 44.97 dollars

US oil price hits record 44.97 dollars: "Tuesday August 10, 12:53 AM
US oil price hits record 44.97 dollars

New York crude oil shot to an all-time high, flirting with 45 dollars a barrel as Iraq's southern oil fields halted pumping because of a threat by Shiite militiamen.
Light sweet crude for delivery in September surged 1.02 dollars to 44.97 dollars a barrel early afternoon, thundering past the previous record, set Friday, of 44.77 dollars.
Iraq oil pumping stopped as factional fighting raged.
The Southern Oil Company ceased production for 'security reasons' after Shiite militia threatened to attack infrastructure, spokesman Mohammed al-Mohammedi said.
The south had been the only outlet for Iraqi oil. An attack on the pipeline to Turkey halted northern shipments last week."

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