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Prices approach $50 a barrel

Monday, Sept. 27, 2004 | 9:12 a.m.

WASHINGTON -- Oil prices approached $50 a barrel today as domestic and foreign supply concerns persist amid strong global demand.

Light crude for November delivery was 72 cents higher at $49.60 a barrel in morning trading on the New York Mercantile Exchange, surpassing a previous intraday high of $49.40.

Crude futures settled Friday at a record $48.88 per barrel. Adjusting for inflation, today's prices are still more than $30 below the level reached in 1981 after the Iranian revolution.

Over the past two weeks the nation's supply of crude has fallen by 16.1 million barrels because of Ivan-related disruptions to oil production and shipping, according to the Energy Department.

This comes at a time of year when oil supplies typically grow as gasoline demand tapers off and refiners briefly shut down to perform maintenance.

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