Oil Prices Rise to High As Demand Continues The price of oil hit another high yesterday, closing above \$47 a barrel as traders reacted to continuing concerns about supply disruptions from terrorism and instability in oil-producing countries. 
US economy slows US economic growth was slower than first thought in the second quarter, hit by a widening trade deficit. For the quarter, the world #39;s biggest economy grew at an annual rate of 2.8 per cent, down 