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Oil sprints towards $88

LONDON - Oil thundered towards $88 a barrel on Tuesday, hitting a new record and extending a rally that has added eight dollars in a week on tight supplies, strong demand and tension in northern Iraq, according to Reuters News Agency.

Oil is closing in on the inflation-adjusted high of $90.46 seen in 1980, the year after the Iranian revolution and at the start of the Iran-Iraq war. Prices this year have averaged $67.

Posted by Peter C. T. Elsworth  at 10:26 AM to Crude oil market | Permalink

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