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Oil Prices Rise Toward $52 a Barrel, Set Another Record High - 2004-10-06


Oil prices hit record highs again Wednesday, amid continuing concerns about the supply of crude oil.

In New York, crude oil for future delivery hit an all-time high of $51.48 a barrel in early trading.

The oil industry is still recovering from Hurricane Ivan's 15-meter waves and 265-kilometer per hour winds, which damaged dozens of oil derricks and production facilities along the U.S. Gulf Coast.

Other problems, including sabotage in Iraq, political unrest in Nigeria, and a tax dispute in Russia, also threaten to crimp supplies at a time of strong demand.

Oil prices are nearly 70 percent higher than one year ago.

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