Crude Oil Prices Surpass $50 Per Barrel

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By BRAD FOSS, AP Business Writer

Crude oil surpassed $50 a barrel for the first time and analysts said Tuesday that prices could keep rising because of a sharp rise in global demand, tight supplies and threats to output in petroleum-producing nations such as Iraq (news - web sites) and Nigeria.


Homeowners and energy-intensive industries could feel the sting from high oil prices worsen as seasonal demand picks up this winter, and there is already evidence that the supply disruptions caused by Hurricane Ivan are making it more costly to drive.


The 75 percent increase in the price of oil in the past year also promises to heat up as a political issue, with just over a month until the presidential election.

http://story.news.yahoo.com/news?tmpl=story&cid=530&e=2&u=/ap/20040928/ap_on_bi_ge/oil_prices

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1. Closed at 49.90

A new record