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Home >> Business
UPDATED: 08:35, August 31, 2005
Oil price roars to a new high of 70.90 dollars
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Light sweet crude price for October delivery surged to an all-time record high of 70.90 dollars per barrel Tuesday in New York, the highest since trading began in 1983, amid worries over Hurricane Katrina's impact on US Gulf oil production.

Meanwhile, the price of Brent North Sea crude oil for delivery in October hit a historic peak of 68.27 dollars Tuesday. It was its first ever stand above 67 dollars and beat its previous high of 66.85 dollars on Aug. 15.

Oil prices are now more than double the levels reached in 2003.

Katrina has shut down an estimated 92 percent of crude production and 83 percent of natural gas output in the Gulf of Mexico -- which accounts for nearly 30 percents of total US oil output, the US Minerals Management Service said.

Royal Dutch Shell Plc said its 220,000 barrel-a- day platform suffered damage. The Louisiana Offshore Oil Port, the largest US oil import terminal, has closed for the storm.

Source: Xinhua

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