8-12-05 - Oil prices are on the rise again, surging above 66 dollars per barrel, and this means oil has hit a new high price every day this week.
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The run-up is being blamed on a combination of factors: the heavy summertime gasoline demand, outages at about a dozen US refineries, the busy Atlantic storm season and tensions with Iran.
Analysts wouldn't be surprised to see $70 a barrel prices, although they say traders do seem to be focusing on bad news. They've so far ignored a favorable report showing less demand by China.
Recently, a barrel of light crude was higher by $0.70 at $66, $0.50 on the New York Mercantile Exchange.