Oil Prices

By: Associated Press
By: Associated Press

Crude for September delivery was as high as $47, nine cents on the New York Mercantile Exchange, a new record.

Adjusted for inflation, that is still about 18-percent cheaper than just before the first Gulf War.

In Iraq, fighting continued in the holy city of Najaf despite a peace proposal delivered by the Iraqi interim government to aides of a militant cleric. His followers have threatened to blow up oil pipelines, prompting a temporary stop to the flow of crude.

Traders are also anxious about the oil supply in Russia. The fortunes of oil giant Yukos took a turn for the worse when a court rejected the company's attempt to suspend government efforts to collect $3 billion in back taxes.

Yukos pumps about 1.7 million barrels a day.

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