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  • Oil leaps above $70 as Katrina rips through US Gulf

    08/29/2005 5:02:44 AM PDT · by Rutles4Ever · 75 replies · 1,615+ views
    Reuters ^ | 8/29/2005 | Paul Marriott
    SYDNEY (Reuters) - Oil prices surged to a record above $70 a barrel on Monday as one of the biggest storms in the United States churned through the Gulf of Mexico, forcing major oil producers and refiners to shut down operations. U.S. crude oil futures jumped nearly $5 a barrel in opening trade to touch a peak of $70.80 a barrel, surpassing last week's $68 high to the highest frontmonth price since the New York Mercantile Exchange (NYMEX) began trading contracts in It later traded up $3.94 a barrel, or 6 percent, to $70.07, more than recouping losses on Friday,...