Record High for Crude Oil

The price of crude oil hit a record high of 43 dollars per barrel Wednesday in the NYMEX futures’ market.

Trading prices dropped again to 42.85 dollars but remained above previous record of 42.45 dollars per barrel, set on June 2.

Wednesday’s top price, asked for oil to be delivered in September, was the highest since NYMEX began trading crude oil futures in 1983.

The price hike was triggered by concerns over the Russian government’s dispute with oil giant Yukos, Russia’s biggest exporter of the fuel.

The company, which produces 1.7 million barrels of oil daily, is involved in a 3.4-billion-dollar tax wrangle.

At the beginning of July, OPEC raised its output to a million barrels a day and plans to boost that by a further 500,000 barrels a day at the beginning of August.

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