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Crude futures hit record $65.19

Thursday, Aug. 11, 2005 | 9:18 a.m.

SINGAPORE -- Oil prices rose to a new high of $65.19 in Asian trading today after the U.S. midweek inventories report showed a decline in gasoline stocks and amid persistent concerns that a string of refinery shutdowns in the United States will make it difficult for gasoline supplies to meet peak summer demand.

Midmorning in Singapore, light, sweet crude rose 29 cents to $65.19 a barrel in Asian electronic trading on the New York Mercantile Exchange. On Wednesday, the contract rose $1.83 to close at $64.90 a barrel, after climbing to an intraday $65 high.

Gasoline was trading at a high of $1.9115 per gallon, up by 1.5 cents, while heating oil rose 1 cent to $1.85.

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