Crude Oil Climbing To Record Again

Tuesday oil prices surged to a record high above $44 after OPEC?s head said it could not immediately boost production, adding to fears of possible terrorist attacks in the United States.

The September light sweet crude contract on the NYMEX rose $0.42 to trade at $US44.24 a barrel - the highest level since crude futures began trading on the exchange in 1983.
Since June, oil prices have leapt to record levels, but Tuesday was the first time prices breached the $44 a barrel barrier.
OPEC president Purnomo Yusgiantoro, who is also Indonesia's oil minister, said that world?s largest oil producer Saudi Arabia had spare capacity, but could not bring more crude oil to the market in the short-term.
On London's International Petroleum Exchange, September Brent crude futures opened in electronic trade at $40.18 a barrel, $0.21 a barrel higher from yesterday's settlement.