Geopolitics, declining production raise fears about sources for oil

Oil prices inched Thursday toward last summer's record high amid concerns of supply disruptions, and energy forecasters think that volatile geopolitics and declining oil production will keep prices up for years.

Oil reached $67.15 a barrel Thursday on the New York Mercantile Exchange, up 70 cents to a two-month high, amid concerns over disruptions in Nigerian oil production and a possible political showdown over the nuclear ambitions of Iran, the second-biggest exporter in the Organization of Petroleum Exporting Countries oil cartel.

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