Oil surges over $88 a barrel

Oil thundered more than $2 to a new peak above $88 a barrel on Tuesday, extending a nine-dollar rally since last week on tight supplies, strong demand and growing tensions in northern Iraq.

The record surge raised alarm bells for producer group OPEC, which voiced concern over the high price and blamed rampant speculation by big money investors rather than any shortage of supply.

Read the full story at ABC

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This entry was posted on Wednesday, October 17th, 2007 at 9:14 and is filed under Business, Daily. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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