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Oil prices take a break in 2006
By TIMES WIRES
Published December 30, 2006
Crude oil ended a four-year rally in 2006 as record-high prices slowed demand growth and less-extreme weather bolstered supplies. Oil rose 1 cent this year to $61.05 a barrel in New York after surging 40 percent in 2005 and 36 percent in 2004. Global demand growth slowed to 1.1 percent from 1.5 percent last year and storms spared U.S. Gulf platforms battered by Hurricanes Katrina and Rita in 2005. Now, the U.S. winter is warmer than usual. "Global demand has grown very slowly this year, while supply has picked up and that's likely to continue next year," said Dariusz Kowalczyk, chief investment strategist at Hong Kong- based securities firm CFC Seymour Ltd. "The weather has been negative for prices throughout the year."
[Last modified December 30, 2006, 00:05:50]
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