Oil Prices Hit Record-High Level

World | August 10, 2004, Tuesday // 00:00

The price of crude oil has topped USD 45 a barrel - touching a record 21-year high of USD 45.04 in New York trade. The cost of crude has been hovering around record-breaking peaks after unrest in Iraq halted production. Companies such as British Airways are feeling the effect of higher fuel and raw material costs, while there are worries that consumers may spend less. The price rise was also the result of the closure of some production in the Gulf of Mexico by Shell, ahead of a feared storm.

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