N.Y. Crude Oil Surges Above $78 on Concern Supply Is Inadequate
Crude oil rose above $78 a barrel in New York, nearing a record, on speculation demand will outpace supply as refiners increase fuel production.
Bets on rising prices by hedge funds and other speculators rose to a record earlier this month, according to U.S. Commodity Futures Trading Commission data. Global demand will climb 1.7 percent in 2008, showing no sign of slowing because of high prices, a Deutsche Bank AG report showed. A government report tomorrow may show U.S. oil supplies fell for a fourth week.
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