Crude oil prices jump record high after Fahd's death

Crude oil futures rose on Monday to a new high above 62 dollars a barrel as brokers concerned about the change of oil policy after the death of Saudi Arabia's king.

On the New York Mercantile Exchange, light, sweet crude oil futures for September delivery rose 1 dollar to end at 61.30 dollars, beating the settlement peak of 61.28 dollars a barrel reached on July 6. Intraday prices touched as high as 62.30 dollars per barrel, the highest level since the contract was introduced in 1983.

Meanwhile, on London's International Petroleum Exchange, the September Brent crude-oil futures contract climbed 1.61 dollars to 60.98 dollars a barrel.

Saudi Arabia's King Fahad died early Monday after a prolonged hospitalization.

Oil brokers were digesting the implication of his death. Some worried about the supply disruption, but others said the nation's oil policy was not expected to change.

On Monday, traders also kept an eye on refinery operations in the United States, where the rate of gasoline and heating oil output had fallen in recent weeks.

Source: Xinhua