Oil hits $132 as US stocks show unexpected decline
By Agence France Presse (AFP)
Thursday, May 22, 2008
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The price of oil rocketed to a record high of $132.08 a barrel on Wednesday as official data revealed unexpected declines in US energy inventories amid increasing Chinese demand, analysts said. New York light sweet crude struck the all-time pinnacle just a few hours after breaking through $130 for the first time.
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