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World News

Oil tops an unprecedented 50 dollars a barrel

LONDON (AP) - For the first time, the price of crude oil rose above 50 dollars (¥5,550) per barrel during Asian trading Sept. 28.

Analysts said instability in the Middle East; political unrest in Nigeria, Africa's top oil exporter; and the Caribbean's hurricanes were responsible for the record high.

By mid-afternoon in Asia on Sept. 28, light sweet crude oil for delivery in November was trading at 50.47 dollars (¥5,602) per barrel, as rebels in Nigeria continued to battle for control over the vast southern oil fields in the world's seventh-largest exporter of oil.

Oil prices, however, slid below the 50 dollars mark the following day as the U.S. government reported a surprise increase in crude stocks and Nigerian rebels agreed to a preliminary cease-fire with the government.


Shukan ST: Oct. 8, 2004

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