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Oil Prices Spike on Bhutto's Death
Saudi Press Agency Published in Saudi Press Agency on 28 - 12 - 2007

Upon the news of Benazir Bhutto's assassination, oil prices spiked to $97 a barrel on the New York Mercantile Exchange.
“Oil is up on the greater-than-anticipated stockdraws in crude oil and heating oil as we head into peak winter demand,” said Harry Tchilinguirian, senior oil market analyst at BNP Paribas.
“Geopolitical tension in the Middle East and central Asia is a broader supportive factor.”
U.S. crude CLc1 was up 90 cents to $97.52 a barrel by 1453 GMT. It hit a record high of $99.29 on Nov. 21. London Brent LCOc1 rose 80 cents at $95.58.
Stocks temporarily fell on the news, and the Dow Jones Industrial Average was down yesterday, but experts did not attribute the fall to Bhutto's death. Emerging markets investors said that Bhutto's death will not factor heavily in their confidence, according to Erin Burnett, business analyst for MSNBC News.

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