Oil Closes Near $52 on Winter Fuel Fears
46 minutes ago Business - Reuters
By Richard Mably
LONDON (Reuters) - Oil prices extended record-setting highs close to $52 a barrel for U.S. crude on Wednesday, fueled by the impact of Hurricane Ivan on U.S. winter inventories.
U.S. light crude climbed to a peak of $51.85 a barrel before easing to $51.45, up 36 cents on the day. London Brent, the benchmark for European imports, set a record $47.85.
Oil has surged almost 60 percent since the start of the year, driven by the strongest demand growth in a generation and a thinning cushion of spare capacity to cope with supply outages.
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http://story.news.yahoo.com/news?tmpl=story&cid=568&ncid=749&e=1&u=/nm/20041006/bs_nm/markets_oil_dcbut there is no inflation...