Crude shrugs off lower demand outlook, strengthening dollar to approach $127
By Agence France Presse (AFP)
Wednesday, May 14, 2008
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The price of crude oil struck a record high $126.98 a barrel on Tuesday despite expectations of slower demand growth for crude, traders said. New York crude beat its all-time peak of $126.40, which was reached on Monday. The price of oil had fallen earlier Tuesday on profit-taking as the International Energy Agency (IEA).
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