Oil prices hit record high
04/08/2004 - 08:36:18Oil prices hit record highs today amid continuing concerns about threats to supplies in Russia and Iraq.
The price of a barrel of light crude in New York reached $44.28, 15c up on yesterday’s closing price of $44.15.
The rise followed warnings yesterday from Middle Eastern oil cartel Opec that it could not boost production to cool prices.
Attacks on a key Iraqi oil pipeline and fears of potential breaks in supplies from Russian group Yukos were also fuelling the uncertainty.
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