Oil prices hit new highs

LONDON, Aug 12: World oil prices advanced for the fifth straight day on Friday, hitting new heights above $66 on strong global demand and continued refinery production problems in the US, dealers said.

New York’s main contract, light sweet crude for delivery in September, added four cents to 65.84 dollars per barrel in electronic trade.

It reached a record $66.11 overnight — the highest point since it was first traded in 1983.

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