Oil prices soar on mixed fears

WORLD oil prices surged this week after a hurricane closed three Texan oil refineries, a sharp drop in United States inventories, and oil traders dismissed OPECs plan to slightly raise output.

14 September 2007
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In New York, a barrel of West Texas Intermediate crude hit an intra-day high above $80 a barrel on Wednesday, while Singapore’s Tapis price continued climbing throughout the week to settle at $US83.

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