Oil rises for third day on supply concerns

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Tue, Aug 26, 2008
Oil Market News
Post by Researcher , Oil Researcher

Oil jumped for a third straight session on Wednesday to near $117 a barrel on growing supply concerns over Tropical Storm Gustav.

Tetsu Emori, a fund manager at Astmax Co in Tokyo, said:

I’m afraid (Gustav) could potentially cause an impact similar to hurricanes Katrina and Rita, although I certainly do not wish such things.

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