Brent oil price hits new record close to 52 dollars

0 Comments | AFP, October, 2004

LONDON (AFP) — The price of Brent crude oil bolted up to a new record high here on Monday close to 52 dollars a barrel on fears of an escalation of an oil industry strike in Norway.

The price of Brent North Sea crude oil for delivery in November rose to as high as 51.90 dollars a barrel in pre-opening electronic deals.

Brent futures later stood at 51.78 dollars, up 56 cents from Friday's close.

New York's main contact, light sweet crude for delivery in December, also hit a new all-time high of 55.58 dollars a barrel in electronic trading.

Prices continued their seemingly relentless record-breaking streak after a Norwegian shipowners association threatened to halt oil shipments in support of industrial action which has weighed on the industry since...