Price of oil rises to above $126 a barrel, a 32-month high

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April 8, 2011 22:50

 
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NEW YORK - Oil rose to a 32-month high on Friday above $126 a barrel on concerns of long-term supply cuts as expectations of more interest rate hikes in the euro zone drove the euro to a 15-month peak against the dollar.

Commodities, including metals, gained broadly on expectations of stronger demand, the weak U.S. dollar and, in some cases, the threat of supply shortages.

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