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Looking for the PDF Edition? The PDF of the Print Edition can now be read by clicking the "Print Editon" button at the top of the screen. New York oil prices hit record high NEW YORK - New York oil prices moved narrowly in the record zone on Friday morning after hitting a new record $103.05 per barrel in after hours trading overnight. At 9:05 a.m., the benchmark April contract for West Texas Intermediate crude oil traded at $101.76, down $0.83 from the previous day, on the New York Mercantile Exchange. The dollar's steep fall against the euro and the yen made dollar priced oil more attractive for non-U.S. investors, prompting hedge funds and other shortterm investors to seek oil, traders said. The key contract has been sustaining its record-breaking surges since it set a new high on Feb. 19 for the first time in about one and a half months. It broke through the $100 milestone early this year. Oil prices are also being helped by speculation that the Organization of Petroleum Exporting Countries will forgo a raise in oil production at a general meeting set for March 5, traders said. |
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