WTI Hits $77.24/bbl, Just Below All-Time Record, In 7/26 NYMEX Trading - AFP

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LONDON (AFP) - The price of New York crude leapt to 77.24 dollar a barrel on Thursday, marking the highest level since August 9, 2006, as keen global demand and tight supplies fuelled speculative buying, traders said.

On Wednesday, the US government had revealed that inventories of American crude fell by 1.1 million barrels last week. New York's all-time high stands at 78.40 dollars, which was reached a year ago.

"Crude futures were higher today, extending last night's gains," Sucden analyust Michael Davies said.

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