Oil prices nudge new record

Oil prices approached a new record today after news of the death of King Fahd of Saudi Arabia unsettled markets.

Mon, 01 Aug, 2005 - 14:00

Oil prices approached a new record today after news of the death of King Fahd of Saudi Arabia unsettled markets.

A barrel of US light crude for September delivery reached 61.23 US dollars as traders fretted over the chances of a policy change in Saudi Arabia – the world’s biggest producer of oil.

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