Crude oil prices breaches US$50, setting new mark in Asian trading

  • Business Premium
  • Tuesday, 28 Sep 2004

SINGAPORE (AP) - Crude oil topped US$50 per barrel during Asian trading on Tuesday - pushing past the psychological milestone for the first time then surging further to new record levels likely to unsettle consuming nations. 

Traders bid oil to new highs in after-hours trading on the New York Mercantile Exchange in a reaction to the slow recovery of U.S. oil production that was damaged by Hurricane Ivan and unrest in key producers Saudi Arabia, Iraq and Nigeria. 

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