The price of oil has again reached a new record high of 127.43 dollars per barrel.
In response, US President George W. Bush is urging Saudi Arabia to pump more crude to ease market worries about tight supplies. Saudi Arabia is the major partner in the 13-nation Organization of Petroleum Exporting Countries, which pumps 40 percent of the world's oil. On Thursday, OPEC had lowered its 2008 estimate of world oil demand growth, citing higher prices and slower economic momentum in the world's major industrialized countries including the United States.
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