Jittery oil market fuels Nymex highs

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Fears that tropical storm Katrina could disrupt production in the Gulf of Mexico and news of political ferment in Iran were just some of the factors that pushed the oil market to new highs in August.

West Texas Intermediate (WTI) futures October delivery contracts traded on the New York Mercantile Exchange (Nymex) hit a high of $67.10 on August 12. On the same day, the exchange smashed a host of daily trading volume records for the second day running, with the overall trading volume reaching