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Oil price starting to pinch

Oil price futures for Aug-07 surged above USD76 per barrel

overnight for the first time in 11 months, settling at USD75.92 in New York,

while prices reached USD77.67 for Sep-07 delivery in London. The latest surge

from just over USD50 per barrel at the start of the year comes as global demand

for oil remains strong, while supplies remain unreliable.

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