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Oil prices rose for a fourth day to over $116 per barrel, supported by hopes for further stimulus measures from central banks in the United States and Europe, and a slow production restart in the Gulf of Mexico after Hurricane Isaac.

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Iraq’s oil exports reached their highest level in more than three decades last month as the country’s output has continued to increase, oil ministry officials said on Saturday.

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LONDON - Oil futures rose over $113 a barrel on Thursday before a speech by the U.S. Federal Reserve chairman that may indicate the prospects for more economic stimulus, while investors looked to forthcoming data to shed light on the direction he could take.

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Global oil prices fell on Wednesday as traders reassessed the impact of Hurricane Isaac on output in the rig-heavy US Gulf Coast, analysts said.

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Oil steadied above $112 a barrel on Tuesday as tropical storm Isaac neared hurricane strength in the Gulf of Mexico, forcing companies to close down US oil rigs and refineries.

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The price of oil rose to above $96 a barrel on Tuesday as weather forecasters said Tropical Storm Isaac, which was causing oil production cuts in the Gulf of Mexico, could soon gain intensity and turn into a hurricane.

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MUMBAI - Gold prices in India hit a lifetime high on Thursday, in line with global trends, as stockists and investors bought up the metal, traders said.

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LONDON - Oil dropped below $114 a barrel on Wednesday, with investors on edge over whether Europe would overcome its debt crisis, while Middle East tension kept the potential for supply disruption in focus.

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SINGAPORE - Brent crude steadied near $115 a barrel on Wednesday, supported by hopes that European policymakers will act to resolve the region’s debt crisis and by Middle East tensions that kept supply disruption concerns intact.

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