LONDON: US oil futures rose to US$47.04 a barrel after the Organisation of Petroleum Exporting Countries (Opec) said it was raising its forecast for global oil demand for 2004 and 2005, and on jitters over supplies from Iraq and Russia, ahead of US inventory data.
In the morning trade yesterday, the US September-dated futures contracts were up 29 US cents to a new record of US$47.04 a barrel in pre-market deals.
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