Crude Oil Hits New High in US

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Agencies

Published — Tuesday 3 August 2004

Last Update 3 August 2004 3:00 am

NEW YORK, 3 August 2004 — Crude oil futures surged to a new record closing price in New York yesterday, with the September contract at $43.82 a barrel at the end of trade.

That marked a two cent increase from Friday’s record close of $43.80 a barrel.

The intraday price yesterday hit an all-time record of $43.94.

In London, oil prices eased yesterday on profit-taking after recently rocketing to fresh record high levels on supply fears amid robust global demand.

London’s Brent North Sea crude oil for September delivery fell by 33 cents to $39.70 per barrel in early deals.

The easing of prices was due to “profit-takings and a little technical correction”, Investec analyst Bruce Evers said.

London’s Brent North Sea crude for September had risen 77 cents to $40.02 per barrel, the first break above $40 since October 1990 after the Iraqi invasion of Kuwait.

Yukos faces a $3.4 billion (4.1-billion-euro) tax bill for 2000, which it cannot pay because its assets have been frozen, prompting concerns that it may have to slash output.

It comes as global demand is expected to increase by 3.2 percent this year to 81.4 million barrels per day, and to 83.2 mbd in 2005, the International Energy Agency (IAE) has forecast.

China, whose imports rose by 30 percent last year, will need 11 mbd by 2025 compared to its current consumption of 5.5 mbd.

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