oil still rising

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    The new trading week has brought more gains in the New York price of oil.

    On the New York Mercantile Exchange, the key crude contract has reached a new peak of $US53.80 a barrel.

    Traders are focusing on disruptions to supply stemming from strike action in the major producing nations, Nigeria and Norway.

    Talk in the market is increasingly turning to the possibility of the $US60 dollar threshold.

    West Texas crude is now sitting at $US53.65 a barrel.

    Dave R.
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