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Oil Hits $50.38 (so far) in Overnight Trading
Crude oil futures continued to rise in electronic premarket trading in New York early Tuesday, passing the psychologically important $50 per barrel mark, to a new all-time high of $50.35, up $1.47 from Friday. Worries of supply shortages intensified following reports of unrest and violence in oil-producing countries such as Nigeria, Iraq and Saudi Arabia, prompting U.S. and European investors to snap up crude futures, traders said. Concerns of lower oil production in the Gulf of Mexico due to hurricanes also drove up prices, traders said. The U.S. government began tapping into emergency oil reserves last week to cover Hurricane Ivan's disruption to oil supply. Traders said prices may rise further. In London, Brent North Sea crude oil for November delivery briefly hit a record $46.28 in Monday's trading.Posted by: Mark Espinola 2004-09-28 |
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