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| Posted : 10 May 2008 0506 hrs |
Oil prices briefly surged to a record high above 126 dollars on Friday, driven into uncharted territory by speculators trying to take advantage of global supply concerns, analysts said.
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US banking giant Citigroup said Friday it plans to shed about 400 billion dollars in assets over the next two to three years as it tries to recover from the subprime mortgage crisis.
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US stocks tumbled Friday after oil prices crossed 126 dollars and AIG, the world's largest insurer, reported a deeper than expected quarterly loss, raising alarms about the global credit crisis.
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