World oil prices close to record highs approaching US$55 (N$363)

LONDON- World oil prices hovered close to record high points approaching US$55 (N$363) a barrel on Friday as traders fretted about low inventories of US heating fuel heading into winter in the northern hemisphere.

The price of reference light sweet crude for delivery in November rose seven cents to US$54,83 dollars a barrel in electronic trading on the New York Mercantile Exchange. New York’s main oil contract soared to an all-time intra-day high of US$54,88 a barrel Thursday, also reaching a record closing price of 54,76, a rise of US$1,12.In London Brent North Sea crude oil for December delivery lost nine cents to US$50 in early deals on Friday.The contract for November, which expired Thursday, hit a record US$51,50 a barrel earlier in the week.New York’s oil price raced to a record high Thursday as news of a decline in US heating oil inventories rattled traders with colder weather approaching.”The market fears that the US is running out of time to build winter fuel supplies, which are also short in Europe and Asia,” analysts at the Sucden brokerage firm said.Inventories of distillates dropped 2,5 million barrels to 120,9 million in the week to October 8, the US Energy Department said.World oil prices have more than doubled from about US$20 a barrel in New York at the start of 2002, surging by about 65 percent since the start of this year.Adjusted for inflation, however, they remain far below the levels reached in the wake of the 1979 Iranian revolution when prices surged to upwards of 80 dollars a barrel in today’s money.-Nampa-AFPNew York’s main oil contract soared to an all-time intra-day high of US$54,88 a barrel Thursday, also reaching a record closing price of 54,76, a rise of US$1,12.In London Brent North Sea crude oil for December delivery lost nine cents to US$50 in early deals on Friday.The contract for November, which expired Thursday, hit a record US$51,50 a barrel earlier in the week.New York’s oil price raced to a record high Thursday as news of a decline in US heating oil inventories rattled traders with colder weather approaching.”The market fears that the US is running out of time to build winter fuel supplies, which are also short in Europe and Asia,” analysts at the Sucden brokerage firm said. Inventories of distillates dropped 2,5 million barrels to 120,9 million in the week to October 8, the US Energy Department said.World oil prices have more than doubled from about US$20 a barrel in New York at the start of 2002, surging by about 65 percent since the start of this year.Adjusted for inflation, however, they remain far below the levels reached in the wake of the 1979 Iranian revolution when prices surged to upwards of 80 dollars a barrel in today’s money.-Nampa-AFP