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Hurricane Ivan continues to have an impact on oil prices
The US government is to let oil refineries borrow crude from its emergency stockpile to make up for supplies disrupted by Hurricane Ivan.
A "limited quantity" will be released, said the US Energy Department.
The decision comes after oil prices briefly hit the $49 barrel mark this week on continuing concerns over the level of US stocks.
US light crude traded up 11 cents to close $48.46 dollars a barrel in New York on Thursday.
Commercial crude stocks fell 9.1 million barrels to 269.5 million barrels last week, their lowest since 6 February.
The Energy Department said it would approve the loans once the details were worked out with the refineries, but did not say how much oil would be loaned or which refineries it would go to.
Oil prices have jumped to record closing levels in New York amid concerns about the US supply situation and the impact of Hurricane Ivan.
The market shrugged off the US Government's offer to lend crude oil to refiners from its emergency stock pile.
Traders said the Strategic Petroleum Reserve's (SPR) loans were too small to make an impact on the 20 million per barrel a day US oil market.
US light crude closed up 42 cents at $48.88 a barrel on Friday.
Brent crude in London ended up 20 cents at $45.33, after setting a record high of $45.75 on Thursday.
Oil price gains this week add up to nearly $4, as anxieties build ahead of the peak demand winter season in the Northern Hemisphere.