| 14 May 2004 |
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Crude oil prices hit record high |
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The price of crude oil, boosted by security fears and ever increasing demand from the US and China, has reached another record high – today hitting $41.50 per barrel at the New York Stock Exchange.
The price of Brent crude oil in London has also jumped, surging to $38.40 – levels not achieved since the first Gulf War raged in 1990.
However, it has been reported that Saudi Arabia will move to ease the burgeoning oil price by increasing exports by 1.5 million a day. This may also alleviate the pressure of stockpiling; as some nations have been buying up oil but not releasing it to consumers, thereby leaving demand unsated.
Two airlines, British Airways and Qantas announced earlier this week that they would both be adding fuel surcharges to ticket prices in order to cope with the rising cost of jet fuel.
Industry insiders have suggested that the price of oil will continue to remain high throughout the summer but will dip by the end of this year.
(gmcg) |
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