New York crude bolts to record $55 a barrel
AFP, New York
New York's main crude oil price bolted to a record 55 dollars a barrel Friday as traders fretted about stretched supplies, hot demand and thin stocks of winter heating fuel. New York's benchmark contract, light sweet crude for delivery in November, shot to an unprecedented 55 dollars a barrel before closing at a record settlement of 54.93, up 17 cents on the day. Brent North Sea crude for November hit 50.12 dollars but closed at 49.93 dollars, down 16 cents. New York crude boomed as traders rode the momentum of a near 70-percent surge so far this year, Refco market analyst Marshall Steeves said. "I think the momentum is going to keep it going for a while," Steeves said.
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