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Oil trades set record $147.27 per barrel at NYMEX in New York

Trading takes place in the oil options pit at the New York Mercantile Exchange after oil hit a record high of over $147 per barrel on July 11, 2008 in New York. The price increase was spurred by fears of supply disruptions and growing tensions with Iran following their missile tests earlier this week. (UPI Photo/Monika Graff)

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