Oil Surges to $77.02, 1 Cent Short of Record.

Crude oil surged to $77.02 a barrel in New York, 1 cent short of a record close, after a government report showed that the U.S. economy grew more than expected in the second quarter, indicating fuel demand will rise. The economy expanded 3.4 percent last quarter, the fastest pace in more than a year. The U.S. consumes 24 percent of global oil production. The International Energy Agency said on July 13 that world oil demand will rise 1.8 percent next year. The Organization of Petroleum Exporting Countries hasn't raised output to keep pace with growing consumption.

Oil Surges to $77.02, 1 Cent Short of Record.
xcel, Jul 28, 2007
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