EW YORK - Oil prices rose 1.4 percent on Wednesday, extending further into record territory amid intensifying worries over tight world supplies of diesel fuel.
US crude leapt $1.69 to settle at $123.53 a barrel, before hitting an all-time peak of $123.89. London Brent rose $2.01 to $122.32.
Crude prices have doubled in a year and risen sixfold since 2002 on rising demand from China and other developing countries, adding pressure to economies already hard hit by a housing and credit crunch.
US President George W. Bush will ask the Organization of the Petroleum Exporting Countries to increase production when he visits Saudi Arabia next week, a senior White House official said, adding to a slew of recent calls from consumer nations for more oil from the cartel.
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About Me
- John
- I am a silent type of guy that wanted o have a lot of friend and wanted to help my parents and relatives. Even though we are only 4 in the family but ever since I did not made to feel the care and guidance of my parents.
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