05/30/2008 05:12 am ET Updated May 25, 2011

Fears Intensifying Over Long-Term Global Oil Supplies

Worries that world oil demand will outstrip global supplies intensified on Thursday, sending ripples through the global economy as oil prices leaped above $135, a new record high.

The price spike occurred overnight, and by Thursday morning oil had fallen back slightly to $132.87, down 30 cents from its close on Wednesday.

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