Thursday, July 06, 2006

Oil prices remain above $75 a barrel

After a small drop, oil remained above $75 a barrel on Thursday after reaching a record the previous day.

High gasoline demand and difficulties in oil-producing countries kept prices high, the U.S. Energy Department said.

Problems in Nigeria where militants have targeted oil production facilites is contributing to concerns over future supply.

The situation in Iraq and the current standoff with North Korea over missile testing is adding to market jitters keeping oil at record high levels.

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