Oil prices hit new highs in NY

Fears over supply shortages drove oil prices to fresh highs today despite signs oil cartel Opec could move to cool the market.

Mon, 04 Apr, 2005 - 12:01

Fears over supply shortages drove oil prices to fresh highs today despite signs oil cartel Opec could move to cool the market.

The cost of a barrel of light crude oil rose to a record $57.79 in New York today – its highest level since trading began – before slipping back to $57.53.

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