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Oil Prices Hit Record Highs on Worries Supply Will Not Meet Demand

World oil prices hit new record highs Wednesday, as experts worried about production problems that could disrupt output.

Those concerns include refinery breakdowns and a worse-than-usual hurricane season that could threaten vital offshore wells.

The production problems come as traders say there is robust demand for oil from growing economies.

In New York, the price of crude oil for September delivery went as high as $62.47 a barrel. London's benchmark Brent contract also hit a new record high of $61.25.

Some information for this report provided by AFP and AP.