Price of oil finishes week above $53 a barrel

| 10/8/2004

The price of oil set yet another record on the New York Mercantile Exchange Friday, hitting $53.40 at one point during trading before settling down to $53.31 – a record closing price.

Analysts and media outlets reported that the close of the oil port at New Orleans because of a developing storm in the Gulf of Mexico had contributed to the higher price.

However, several other factors were already driving prices to record levels – among them damage from various Gulf Coast hurricanes, unrest in oil-producing Nigeria, increased demand from China and damage to oil facilities from insurgent attacks in Iraq.