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World Oil Prices Surge To a New Record High Above $51 a Barrel - 2004-10-05


Oil prices hit new all-time highs above $51 a barrel Tuesday in New York trading.

The price of crude oil for future delivery hit a record $51.15 late in the day.

Analysts say the price surge comes amid worries that oil supplies might not meet demands for heating fuel as winter approaches in the northern hemisphere.

Those supply concerns follow hurricane damage to U.S. oil production, and the possibility that political unrest might re-ignite in Nigeria, Africa's largest oil producer, tightening global oil supplies.

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