Oil prices rise to new record above $72 a barrel

By
April 19, 2006 23:44

 
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Oil prices leapt above $72 a barrel Wednesday, settling at a record high for the third straight day after a government report showed shrinking US gasoline supplies and traders fretted about nuclear tensions between Iran and the international community. Supply constraints in Iraq, Nigeria and the Gulf of Mexico are also pushing oil prices higher, and analysts are predicting high prices this summer for motorists, who so far appear to be only lightly tapping the brakes on demand.

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