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New Record Highs for World Oil Prices - 2004-10-11


World oil prices hit record highs again on Monday.

Crude oil for future delivery cost as much as $53.67 a barrel in New York trading. London's benchmark Brent crude price also hit an all-time record.

Analysts say continuing worries about the supply of oil are driving prices upward. A long list of problems are affecting oil producers, including hurricane damage to U.S. oil facilities, sabotage attacks in Iraq, and labor unrest in Nigeria and Norway.

The shortages come at a time of strong demand for oil from China, the United States, and other nations.

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