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Oil Hits New Record, Nears $88
MoneyNews
Tuesday, Oct. 16, 2007
NEW YORK -- Oil futures rallied to new records Tuesday on concerns about disruptions in Middle Eastern crude supplies and a growing view that domestic supplies aren't sufficient to meet fourth-quarter demand.
Oil prices spiked overnight to a new record high near $88 a barrel on rumors that Turkey was about to enter Iraq in search of Kurdish rebels.
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Despite the forecasts, some think investors are willing to send prices even higher.
"It still doesn't act like a market that has placed a high," Ritterbusch said.
http://moneynews.newsmax.com/money/archives/articles/2007/10/16/102940.cfm?s=al&promo_code=3B7A-1