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Oil Hits $70 Per Barrel

29 August 2005 (RFE/RL) -- Oil prices surged above the $70 per barrel mark this morning in Asian trading.

The price for a barrel of light sweet crude reached $70.80 a barrel on the Singapore exchange before slipping back to $70.01 at the end of the day.

Traders said Hurricane Katrina, which is expected to hit the U.S. Gulf shore today, is driving prices ever higher. The Gulf of Mexico region is home to key oil and gas infrastructure.


See also:

"Record Oil Prices Have Little Economic Impact -- So Far"