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| Version 1 | Version 2 |
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| Oil prices reach new record high | Oil prices reach new record high |
| (20 minutes later) | |
| The price of oil has continued to climb - with Brent crude rising above $145 a barrel for the first time. | The price of oil has continued to climb - with Brent crude rising above $145 a barrel for the first time. |
| London Brent crude rose by $1.50 to $145.75 a barrel in after-hours electronic trading. US light, sweet crude rose by more than $1 to $144.57. | London Brent crude rose by $1.50 to $145.75 a barrel in after-hours electronic trading. US light, sweet crude rose by more than $1 to $144.57. |
| The rises follow earlier highs recorded in London and New York after the US government announced its oil stockpiles fell by more than expected last week. | The rises follow earlier highs recorded in London and New York after the US government announced its oil stockpiles fell by more than expected last week. |
| Global oil prices have doubled in the past year. | Global oil prices have doubled in the past year. |
| A combination of the weak US dollar, higher demand and concerns about supply disruptions in the Middle East and Africa have forced prices up. | A combination of the weak US dollar, higher demand and concerns about supply disruptions in the Middle East and Africa have forced prices up. |
| "The current market is being driven by the weaker dollar and with the equity markets a disaster, investment money is looking for a more profitable market," said Tetsu Emori, a Tokyo-based fund manager. | "The current market is being driven by the weaker dollar and with the equity markets a disaster, investment money is looking for a more profitable market," said Tetsu Emori, a Tokyo-based fund manager. |
| The dollar traded at its lowest level against the euro for more than two months, falling to $1.5891 per euro. | The dollar traded at its lowest level against the euro for more than two months, falling to $1.5891 per euro. |
| A weaker dollar makes oil a more attractive investment. | A weaker dollar makes oil a more attractive investment. |
| Tensions | Tensions |
| Oil prices are expected to rise further if the European Central Bank raises interest rates later on Thursday. | Oil prices are expected to rise further if the European Central Bank raises interest rates later on Thursday. |
| The president of the Opec oil producers' cartel, Dr Chakib Khelil, told the BBC on Wednesday that a rise in eurozone rates would weaken the dollar further, and would cause oil prices to rise. | The president of the Opec oil producers' cartel, Dr Chakib Khelil, told the BBC on Wednesday that a rise in eurozone rates would weaken the dollar further, and would cause oil prices to rise. |
| The latest increase in the price of crude oil also comes amid escalating tensions between the US and Iran. | The latest increase in the price of crude oil also comes amid escalating tensions between the US and Iran. |
| Iran would respond "fiercely" to any attack against it, Iranian oil minister Gholam Hossein Nozari said on the sidelines of the World Petroleum Congress in Madrid. | Iran would respond "fiercely" to any attack against it, Iranian oil minister Gholam Hossein Nozari said on the sidelines of the World Petroleum Congress in Madrid. |
| However, the minister said that Tehran would not cut oil deliveries and would continue supplying the market even if struck by Israel or the United States. | However, the minister said that Tehran would not cut oil deliveries and would continue supplying the market even if struck by Israel or the United States. |
| Top officials have been discussing measures to combat high prices and to increase long-term supplies at the meeting in the Spanish capital. | Top officials have been discussing measures to combat high prices and to increase long-term supplies at the meeting in the Spanish capital. |
| Fuel prices | |
| Russian President Dmitry Medvedev, speaking ahead of next week's G8 meeting of leading industrialised nations, predicted that prices would climb to $150 a barrel. | |
| "Unfortunately, rising oil prices create problems for the world's economy," he said. | |
| Companies across the world have been suffering under the strain of higher oil prices. | |
| Air New Zealand has become the latest airline to say it cannot continue to absorb the rising cost of jet fuel, which is now more than $170 a barrel. | |
| The carrier announced on Thursday that domestic fares would rise by 3% and international fares by 5%. | |
| That followed a profit warning from Hong-Kong based airline Cathay Pacific on Wednesday. |