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NEW YORK, Aug. 30 (Xinhuanet) -- Light sweet crude
for October delivery hit a new record high of 70.85 dollars per barrel in New
York on Tuesday, the highest since trading began in 1983, amid worries over
Hurricane Katrina's impact on US Gulf oil production.
The price of Brent North Sea crude oil for delivery
in October meanwhile hit a historic peak of 67.13 dollars on Tuesday.
It was its first ever foray above 67 dollars and beat
its previous high of 66.85 dollars on Aug. 15. Oil prices are now more than
double the levels reached in 2003.
Katrina has shut down an estimated 92 percent of
crude production and 83 percent of natural gas output in the Gulf of Mexico --
which accounts for nearly 30 percent of total US oil output, the US Minerals
Management Service said.
Royal Dutch Shell Plc said its 220,000 barrel-a-day
platform suffered damage. The Louisiana Offshore Oil Port, the largest US oil
import terminal, has closed for the storm. Enditem |