Crude oil prices broke through $107 US a barrel to set another record in New York today.

Crude oil futures surged past $70 a barrel for the first time today as Hurricane Katrina headed toward the heart of US oil and refinery operations in the Gulf of Mexico, shutting down an estimated one million barrels of refining capacity.

AN immediate evacuation for all of New Orleans was ordered last night as Hurricane Katrina bore down with wind revving up to nearly 175mph and threats of a massive storm surge.