Archive - Sep 26, 2004

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Oil hits $50 a barrel

Submitted by acampbell on Sun, 09/26/2004 - 20:00.

Oil hits $50 a barrel

Morgan Stanley says light crude could even top $60 a barrel

SOURCE: CNNMoney.com (9/27/04)

NEW YORK - Oil prices reached a record $50 a barrel on Monday as Nigeria emerged as the latest focus for worries about supply in an already tight worldwide energy market.

The U.S. light crude front month contract rose a further 36 cents a barrel in after-hours electronic trading to hit $50, its loftiest level in the 21 years of trade on the New York Mercantile Exchange.

London Brent, the benchmark for European crude imports, settled 60 cents higher at $45.13, after hitting a new record of $46.28 a barrel.