Crude Oil Hits $70 on Katrina Fears

Prices surged in overseas trading ast the monster storm shut in production and refining facilities in the U.S. Gulf of Mexico

PLATTS: Benchmark U.S. light sweet crude futures pulled back to levels just over $69 per barrel in late Asian afternoon trading Monday after being pushed to a record high trade of $70.80 Sunday as the "potentially catastrophic" Hurricane Katrina shut in production and refining facilities in the U.S. Gulf of Mexico.

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