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Oil Rises to Record on Mexico Terminal Closures, China Demand Christian Schmollinger / Bloomberg | April 15, 2008 Crude oil rose to a record in New York as bad weather forced the closure of export terminals in Mexico and on rising fuel demand in China, where the economy is forecast to grow by 10 percent in the first quarter. Oil climbed to $112.48 a barrel on the New York Mercantile Exchange, the highest since futures began trading in 1983. Mexico, the third-largest shipper of crude to the U.S., shut its fourth export terminal yesterday. China said today diesel imports surged 49 percent in March. ``Developing countries such as China, India and the Middle East are increasing their consumption,'' said Tetsu Emori, fund manager with Astmax Ltd. in Tokyo. ``That means total demand on a global basis won't be less than last year.'' (Article continues below)
Crude oil traded at $112.07 a barrel, up 31 cents, at 3:13 p.m. in Singapore. Prices have gained 76 percent from a year earlier. Futures yesterday rose $1.62, or 1.5 percent, to settle at $111.76 a barrel, the highest close. Record oil prices are crimping profits at airlines, boosting food costs and contributing to rising inflation across the globe. Petroleos Mexicanos, the third-largest supplier of crude to the U.S., shut its crude oil export terminal on the Pacific coast yesterday, the fourth terminal to close since April 13. The terminal at the port of Salina Cruz closed today, Mexico's Merchant Marine reported in a weather bulletin posted on its Web site. The three Gulf of Mexico terminals at the ports of Pajaritos, Dos Bocas and Cayo Arcas are still closed. CLICK ON THE BANNER TO BUY TERRORSTORM IN |
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