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This is an archive article published on August 11, 2004

Oil flirts with record highs again

World oil prices eased from fresh record highs on Tuesday after Iraq resumed exports following an attack on the pipeline from its southern o...

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World oil prices eased from fresh record highs on Tuesday after Iraq resumed exports following an attack on the pipeline from its southern oilfields.

US light crude touched $45.04 a barrel, a record in the 21-year history of crude futures trade on the NYMEX, before the news of restored Iraqi supplies sent prices down 44 cents on the day to $44.40 a barrel. London brent crude was down 22 cents at $41.34 a barrel. With world oil producers pumping close to full capacity, fears are that another outage in Iraq could send prices up to $50 a barrel. —(Reuters)

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