Oil prices rise above US $60 a barrel

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October 27, 2006 07:46

 
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Crude oil futures rose on Friday, partially recovering from a sell-off by some traders who were locking in gains made when prices surged earlier this week. The front-month December light, sweet crude contract on the New York Mercantile Exchange was up 24 cents to US $60.60 a barrel in Asian electronic trading. Traders said speculation in the market was that prices would climb, with winter demand for heating oil and natural gas expected to buoy energy prices in coming months, but that a stream of price-positive news is needed to lift prices higher.

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