Crude Oil Continues to Climb, Hitting $66 a Barrel

August 11, 2005 1:30 AM, EDT

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rude oil prices hit $66 a barrel for the first time Thursday, continuing a run of records in the past two weeks, Bloomberg reported.

The jump followd an International Energy Agency report that projected reduced crude output by Russia and other non-OPEC producers, Bloomberg reported.

Benchmark light sweet crude oil futures touched $65 a barrel Wednesday before finishing the trading day at a record closing price of $64.90 on the New York Mercantile Exchange, Bloomberg said.

Those prices followed a Department of Energy inventory report Wednesday that showed gasoline supplies dropped, while crude and distillate inventories gained last week.

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