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| Oil prices hit record in New York | Oil prices hit record in New York |
| (about 3 hours later) | |
| Oil prices have surged to record levels as traders bet that the Opec oil producing nations will reduce output. | Oil prices have surged to record levels as traders bet that the Opec oil producing nations will reduce output. |
| In New York, the main contract for light sweet crude oil closed at a record $101.01 a barrel, up $4.51. | In New York, the main contract for light sweet crude oil closed at a record $101.01 a barrel, up $4.51. |
| Market analysts say Opec producers might cut production in response to the slowdown of the US economy, which is the world's biggest oil user. | |
| There was also concern over supplies from Nigeria and the ongoing row between Exxon Mobil and Venezuela. | There was also concern over supplies from Nigeria and the ongoing row between Exxon Mobil and Venezuela. |
| Opec oil producers meet on 5 March. | Opec oil producers meet on 5 March. |
| "Production is not going to increase. It will either decrease or be stable," Opec President Chakib Khelil said on Monday. | "Production is not going to increase. It will either decrease or be stable," Opec President Chakib Khelil said on Monday. |
| Analysts think a cut in production is increasingly likely. | Analysts think a cut in production is increasingly likely. |
| "Opec is showing every sign that it will move to cut production at it March meeting," said Phil Flynn, an analyst at Alaron Trading. | "Opec is showing every sign that it will move to cut production at it March meeting," said Phil Flynn, an analyst at Alaron Trading. |
| "It seems that Opec is only focused on price and the economy be dammed." | "It seems that Opec is only focused on price and the economy be dammed." |