Saturday, March 1, 2008

Crude oil hits $103 following Ecuador pipeline break

Crude oil hits record high following Ecuador pipeline break

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Crude oil futures hit a record high above $103 per barrel in electronic trading Friday amid reports Ecuador's state-run oil company, Petroecuador, suspended operations at a key export pipeline after a landslide damaged infrastructure. Crude oil for April delivery rose 1 cent to $102.60 a barrel at midday in east Asia after touching a high of $103.05 a barrel earlier. Petroecuador has declared force majeure on its oil exports and will inform those affected by the supply disruption in an official notice Friday, according to wire reports.

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