Crude oil breaches $50 a barrel

World oil prices ruptured fresh records on Tuesday, as US light crude punched through the $50 a barrel mark.
US light crude leapt to $50.35 a barrel in Asian trade by 0450 GMT on Tuesday, steaming past its record close of $49.64 in New York on Monday night. ….

World oil prices ruptured fresh records on Tuesday, as US light crude punched through the $50 a barrel mark.
US light crude leapt to $50.35 a barrel in Asian trade by 0450 GMT on Tuesday, steaming past its record close of $49.64 in New York on Monday night. …..

The president of Opec said on Monday that the producers’ cartel would not review output quotas before its next meeting in December, and questioned the significance of the latest price rises. “This is because of Hurricane Ivan and some problems in other places,” said Opec chief Purnomo Yusgiantoro, who is also Indonesia’s oil minister. …. “This is not a supply and demand problem. Opec supply is enough.” ….

news.bbc.co.uk/1/low/business/3695820.stm