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Oil prices soar over US$135
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Crude futures retreated Thursday after topping 135 U.S. dollars a barrel for the first time.

Light, sweet crude for July delivery was down 2.36 dollars to 130.81 dollars a barrel on the New York Mercantile Exchange. In London, July Brent crude futures fell 2.19 dollars to 130.51 dollars a barrel on the ICE Futures Exchange.

Oil prices rose to 135.09 dollars a barrel in overnight electronic trading on the New York Mercantile Exchange as the U.S. government reported that crude stockpiles declined by 5.3 million barrels last week.

Analysts said the pullback reflected profit-taking after four days of record gains.

Meanwhile crude oil shipments from the Organization of Petroleum Exporting Countries (OPEC) are projected to rise following Saudi Arabia's recent announcement that it's bringing additional oil to the market.

(Xinhua News Agency May 23, 2008)

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