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News Analysis: Global oil prices surge to top agenda of G-8 summit

News Analysis: Global oil prices surge to top agenda of G-8 summit

BEIJING, July 6 (Xinhua) -- Crude futures edged up to a record high above 145 U.S. dollars a barrel in New York Thursday, three days ahead of the Group of Eight (G-8) summit at which the issues of accelerating inflation and the slowing global economy are expected to grab the spotlight.

Light, sweet crude for August delivery rose 1.72 dollars to hit a new record of 145.29 dollars a barrel on the New York Mercantile Exchange. In early morning electronic trading, oil hit an all-time peak of 145.85 dollars a barrel.

The rally was believed to have been driven by a reported bigger- than-expected drop in U.S. crude stockpiles and ...

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