Oil Prices Hit Record High After Saudi King Dies

  01 August 2005

Oil prices soared to a record high of $62.30 a barrel in New York trading on Monday after Saudi Arabia's King Fahd died. In London, Brent crude also hit a record high price $60.98 a barrel.

Prices rose more than $1.5, even though analysts expect no changes in Saudi oil policy.

Saudi Arabia is the world's largest oil exporter and a key member of the Organization of Petroleum Exporting Countries.

Rising demand and supply concerns have pushed oil prices upward by 40 percent over the past year.

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