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Oil hits new record above $118 a barrel

PUBLISHED ON: April 22, 2008 | Duration: 0 min, 23 sec

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The price of New York crude oil surged past $118 per barrel for the first time on Tuesday, lifted by unrest in key producer Nigeria and the weak dollar, traders said.New York's main oil futures contract, light sweet crude for delivery in May, struck a new peak at $118.05.
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