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| Tuesday, 19 October 2004 |
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Oil prices climb to record highs above $ 55 SINGAPORE, World oil prices climbed to record highs above 55 dollars a barrel in Asian trade yesterday as supply concerns continued to dominate the market, dealers said. At 11:10 am, New York's main light sweet crude contract for November delivery was at 55.22 dollars a barrel, up from the close in New York on Friday of 54.93. The previous record was 55.00 dollars seen during Friday trade in New York. Daniel Hynes, an oil industry analyst with the ANZ bank in Australia, said data released last week showing commercial heating oil supplies were dropping in the United States was still having a slight impact on rising global prices. He said a continuation of the wide range of supply factors that have seen oil prices climb all year were the fundamental reasons for the new spike in Asian trade on Monday. |
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