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Oil spikes to $68 on weak dollar

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    • Reuters Tags : markets world, crude oil, price Posted: Thursday , Oct 30, 2008 at 1614 hrs

    Also supporting oil were OPEC's decision last week to cut output by 1.5 million barrels per day, or about 5 per cent, to prop up prices and hints that it may reduce supply further.

    US weekly inventory data on Wednesday was mixed. Crude oil stocks gained 500,000 barrels, less than the expected 1.4 million rise, but distillate stocks rose 2.3 million, above the 800,000 barrels increase forecast.

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