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October 22, 2004

Oil Rises to Record as China's Growth Expected to Boost Demand

Crude oil futures rose to a record $55.45 a barrel in New York after a report that the Chinese economy grew more than expected. Oil's rally lifted heating oil to a record and natural gas to a 20-month high.

China last year surpassed Japan as the world's second- largest oil consumer after the U.S., because of a surging economy. Chinese oil use is expected to jump 15 percent to 6.3 million barrels a day this year, the International Energy Agency said.

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Posted by Tom Troceen