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Posted AT 5:18 PM EST on 18/04/08

Crude surges to a record $117

JOHN WILEN

The Associated Press

NEW YORK — The price of crude oil surged to a new record of $117 (U.S.) a barrel Friday, after a militant group in Nigeria said it had sabotaged a major oil pipeline operated by a Royal Dutch Shell PLC joint venture and promised further attacks on the country's petroleum industry. A spokeswoman for Shell confirmed that the pipeline was leaking, and said the damage appeared to have been caused by explosives.

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