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NewsSeptember 20, 2005

VIENNA, Austria -- OPEC ministers edged toward consensus Monday on a proposal to make available 2 million extra barrels of oil a day, while fears about another storm heading for the U.S. Gulf Coast drove prices up more than $4 a barrel. Prices soared above $67 a barrel in New York on worries about Tropical Storm Rita, which was gaining strength in the Bahamas and was expected to further strengthen to a hurricane with the potential to inflict fresh damage on U.S. refineries...

The Associated Press

VIENNA, Austria -- OPEC ministers edged toward consensus Monday on a proposal to make available 2 million extra barrels of oil a day, while fears about another storm heading for the U.S. Gulf Coast drove prices up more than $4 a barrel.

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Prices soared above $67 a barrel in New York on worries about Tropical Storm Rita, which was gaining strength in the Bahamas and was expected to further strengthen to a hurricane with the potential to inflict fresh damage on U.S. refineries.

OPEC President Sheik Ahmed Fahd Al Ahmed Al Sabah, who is also Kuwait's oil minister, said support was building for a proposal to make available 2 million extra barrels of oil a day and reassure the market that crude is plentiful.

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