Oil Hits New Record

New York, August 18–Crude prices jumped above their previous record high of $46.95 a barrel on Wednesday over lingering concerns in supply from Iraq and Russia.

Crude-oil futures stood at $47.10 a barrel in electronic trading on the New York Mercantle Exchange in early afternoon European time, above the $46.95 a barrel record set late Tuesday. The price of oil peaked at $47.13 earlier.

On London’s International Petroleum Exchange, Brent crude futures for October delivery traded at $42.81 a barrel, down 18 cents from Tuesday’s floor-trade close.

Traders were also anxious about the oil supply in Russia, where oil giant Yukos’s fortunes took a turn for the worse after a court rejected the company’s attempt to suspend government efforts to collect $3.4 billion in back taxes Tuesday.