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US crude tops $73/bbl, may head higher

07/23/2007
By NINA RACH
After testing price barriers during intraday trading for five consecutive sessions, the near-month benchmark US crude contract closed above $73/bbl in New York on July 13, and analysts said it could be headed higher this summer.The August contract for benchmark US light, sweet crudes touched an 11-month intraday high of $74.01/bbl July 13 before closing at $73.93/bbl, up $1.43 for the day on the New York Mercantile Exchange. That same day in London, speculators pushed North Sea Brent crude to an 11-month high of $77.70 in intraday trading via the IntercontinentalExchange Inc.-less than $1 short of the all-time high of $78.65/bbl last August-on reports of production problems in the North S...
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