Wednesday, July 05, 2006

Oil Prices Set Record At More Than $75 A Barrel...

Oil prices jumped to a record above $75 a barrel on Wednesday, propelled by a rally in gasoline that analysts said could send average U.S. pump prices past $3 a gallon by the weekend.

Recent snags in oil-shipping and refining along the Gulf Coast have raised traders' concerns about motor-fuel supplies at a time when demand continues to rise in spite of soaring prices. The start of a new fiscal quarter also brought more speculative money into the market, brokers said

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