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World Oil Prices Hit New Record High - Nearly $64 a Barrel


World oil prices hit a new record high Monday of nearly $64 a barrel.

The price of crude oil for future delivery was as high as $63.95 a barrel in New York trading.

Analysts say the rising prices reflect security concerns in the world's largest oil producer, Saudi Arabia.

The United States has temporarily closed its embassy in the Saudi capital, along with some other diplomatic facilities in the country, after threats of terrorist attacks. Australia and Britain also warned of possible attacks.

Experts say oil prices also are being pushed upward by problems at refineries.

Crude oil prices are at least 40 percent higher today than they were one year ago.

Some information for this report provided by AFP and AP.

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