NEW YORK, 2 August 2005 — The price of a barrel of oil hit a record price of $62.30 on the New York market yesterday with fears of US refinery problems. The price of a barrel of the benchmark light sweet crude for September delivery rose to $62.30 but later fell back to $62.15 a barrel at 1820 GMT on the New York Mercantile Exchange — up 1.58 dollar on Friday’s close. The previous record was $61.35 on July 6.
In London, the price of Brent North Sea crude oil for delivery in September gained 99 cents to $60.36 per barrel after earlier touching $60.58.
The dollar stayed on the back foot in late European trade yesterday, with strong US data failing to give the currency a lift as players set their sights on the key US labor market report on Friday.
The euro rose to 1.2191 dollars from 1.2127 late on Friday in New York. The dollar edged down to 112.14 yen from 112.58 on Friday.
The Institute for Supply Management reported yesterday that a key gauge of the strength of the US manufacturing sector rose to its highest level of the year in July. The ISM index rose to 56.6 in July from 53.8 in June, ahead of the more modest rise to 54.5 predicted by analysts.
The euro was changing hands at 1.2191 dollars against 1.2127 late on Friday in New York, 136.81 yen (136.56), 0.6891 pounds (0.6901) and 1.5584 Swiss francs (1.5627). The dollar stood at 112.14 yen (112.58) and 1.2775 Swiss francs (1.2882).
Asian stocks shrugged off a disappointing performance by Wall Street to close mostly higher yesterday with many markets nearing or breaking record ground. Asian investors were tracking US shares, which eased last Friday on figures showing that US economic growth slowed a touch in the second quarter, but dealers said only Taipei took notice and ended lower yesterday.
Elsewhere, local factors dominated trade with India striking an all-time high for a fifth consecutive day despite trading disruptions caused by torrential rains and floods which have left almost 1,000 people dead.
Tokyo neared its year high on rising land prices, Seoul reached near 11-year highs on hopes of a resolution to the North Korean nuclear standoff and New Zealand struck another record close although in lackluster trade.