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World oil prices rise as Qatar excludes hike to OPEC output |
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08:03, September 05, 2007 |
World oil prices rose on Tuesday as Qatar's energy minister said OPEC would not move next week to boost its output to battle tight global supplies amid strong energy demand.
New York's main futures contract, light sweet crude for delivery in October, rallied 1.04 from its closing price Friday to 75.08 dollars per barrel. That was the first close above 75 dollars since August 3.
In London, the price of Brent North Sea crude for October delivery rose 51 cents to settle at 73.92 dollars per barrel.
Qatar's energy minister declared on Tuesday that there were no plans to increase crude oil production at next week's OPEC meeting in Vienna as the 12-nation cartel sees no shortages in the market.
Source: Xinhua
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