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Oil Prices Hit $107 Per Barrel on Weak Dollar and Tight Supply

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Oil hit record highs of 107 dollars on Monday, supported by fresh concerns about the weakness of the dollar and tightening supplies. The spike came as the White House announced that Dick Cheney planned ME trip next week to urge key OPEC member Saudi Arabia to push the oil cartel to boost output in an effort to rein in sky-high prices.

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