Crude prices cross $48 per barrel
New York: Global crude prices crossed the $48 barrel mark, with New York's main contract, light sweet crude for delivery in March, climbing to $48.33 a barrel in closing deals yesterday, its highest level since January 27.

In London, the price of Brent North Sea crude oil for delivery in March rose 76 cents to close at $46.15 a barrel.

Meanwhile, the Organization of Petroleum Exporting Countries (OPEC) raised its forecast for 2005 global oil demand following upward revisions to world economic growth.
Back to News Review index page