The Azerbaijan State News Agency

ECONOMY

CRUDE OIL PRICES AGAIN SURGED

10.08.2004 [13:46]
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World oil prices again rose after the decision to stop pumping to the Basra terminal as saboteurs of Shiite Muslim group threatened to sabotage operations by the Iraq’s state oil company Southern Oil Co.

New York's light sweet crude for September delivery surged 89 cents to $44.84, reaching $45 during the session.

Brent North Sea crude oil for September delivery soared 93 cents to an unprecedented close of 41.56 dollars.

The Southern Oil Company ceased production for "security reasons" after Shiite militia threatened to attack infrastructure, the company spokesman said.