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World Oil Prices Hit Record High $68 a Barrel

World oil prices surged to an all-time high in Asian trading Thursday.

Crude oil for October delivery hit $68 a barrel in trading in Singapore, before slightly easing to $67.55.

Analysts blame the price surge on a storm threatening key offshore oil production areas in the United States, as well as a decline in U.S. gasoline stockpiles.

Meanwhile, the International Monetary Fund said Thursday, that the rise in oil prices could derail Asian growth, and warned of high inflation in Indonesia and the Philippines.

Crude oil prices have risen about 55 percent in the last year. However, when adjusted for inflation, oil prices are still far below those of 25 years ago.

Some information for this report provided by AP, AFP and Reuters.