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Thursday, March 03, 2005

New York Oil Rises Above $55 on Signs Use Will Outpace Supply - Opec Hints $80 A Barrel Isn't Impossible

Bloomberg: New York Oil Rises Above $55 on Signs Use Will Outpace Supply

March 3 (Bloomberg) -- Crude oil surged above $55 a barrel in New York, less than $1 short of a record, and reached a record in London on speculation that increasing consumption will outpace production.

``Demand is still growing, particularly in China, and there is only a finite supply of oil out there,'' said Tom Bentz, an oil broker at BNP Paribas Commodity Futures Inc. in New York.

Oil jumped 18 percent in the past month as OPEC and the International Energy Agency have increased oil-use forecasts. Hedge-fund managers and other large speculators have moved into energy markets because the returns have been better than in the stock market. Gasoline has also jumped to a record on fund buying as refinery disruptions threaten to limit U.S. supply.

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More - Opec Hinting today Oil Could Hit $80 a Barrel - Click Here

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