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Monday, October 11, 2004


LONDON (CBS.MW) -- Crude futures were holding above $53 per barrel in electronic trade on Monday, with further labor unrest cited as behind the strength.

November-dated light crude contracts were up 30 cents at $53.61 per barrel, and hit a new intraday high of $53.63 per barrel in electronic trade.

Crude prices rose more than 6 percent last week, as strikes in Nigeria and Norway, plus a halt to tanker unloadings in a key Gulf of Mexico port fueling the rise.