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VIENNA, Austria (AP) - Oil prices rose to new heights Tuesday, surging to almost $114 a barrel after the U.S. dollar fell and worries mounted about the global oil supply.
A report from the International Energy Agency said Russian oil production dropped this year for the first time in a decade. Crude oil shipments along one U.S. pipeline were said to be moving below capacity. And Italy's ENI reported a 5,000 barrel per day reduction in production at one of its facilities in Nigeria.
Light, sweet crude for May delivery on the New York Mercantile Exchange rose as high as $113.66 a barrel by afternoon in Europe before backing off. That was $1.45 above the previous record set last week.
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