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The Times: Market Report: Oil

October 16, 2007

The oil companies were pushed upward by a surge in the price of oil. The two-month forward cost of a barrel of Brent crude hit $81.75, up $1.55, after Opec said that production of oil by nonOpec countries appeared to be falling, despite a rise in a global demand for the commodity. Royal Dutch Shell was the second-largest FTSE 100 riser, up 14p to £20.55. BP stock rose 15p before settling up 3½p at 622½p.

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