Oil price hits new high

The price of oil hit a new record above US$96 a barrel today after a surprise drop in stockpiles raised concerns about winter supplies.

Thu, 01 Nov, 2007 - 09:07

The price of oil hit a new record above US$96 a barrel today after a surprise drop in stockpiles raised concerns about winter supplies.

It was the second week in a row the US Energy Information Administration has reported a sharp and unexpected drop in oil inventories.

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