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Oil price hits new highs

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Oil price hits new highs

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Oil has reached a new record price of more than 87 US dollars a barrel. US light sweet crude has been rising since Friday, mainly over fears Turkish troops are planning an offensive in the oil-producing north of Iraq in an effort to track down Kurdish militants. They reportedly shelled a border village a few days ago. Separately, OPEC has said that non-member nations were set to cut production. The rise will hit drivers across Europe, who have already seen oil prices quadruple since 2002.