LONDON, Aug 18 (AFP) - New York's main oil contract climbed to a new record high point of 47 dollars per barrel Wednesday, amid fears of disruption to supplies in Iraq and Russia and ahead of weekly estimates of US oil inventories, analysts said.
New York's reference contract, light sweet crude for September delivery, climbed 25 cents to 47.00 dollars per barrel in pre-opening electronic deals, having hit a record closing level of 46.75 dollars Tuesday.
The contract was trading later Wednesday at 46.96 dollars, one cent above an all-time high of 46.95 dollars set before Tuesday's record close.
"There are still so many potential disruptions to supply, in a very very tight market... I think it is a matter of when and not if we reach 50 dollars," Investec analyst Bruce Evers said.
Traders' attention was meanwhile firmly on the US inventory data, set to be published later Wednesday, with analysts predicting a rise in distillate stocks but falls in those of crude oil and gasoline, or petrol.
"People are nervous about the inventory data in the United States later on," Evers said.
"They are looking for a decline in crude and gasoline stocks due to the impact of the hurricanes."
Hurricane Charley tore a path across Florida last Friday causing the death of at least 19 people, the destruction of thousands of homes, and disruption to oil supplies.
"If you were to have other hurricanes shutting refining capacities in the Gulf coast, you could very quickly see inventories run down to extreme levels, which would make the market very nervous going into the winter months," Evers said.
Prices were being supported also by the saga surrounding embattled Russian oil titan Yukos, which Tuesday saw a Moscow court thwart its legal bid to pay off a crippling tax bill.
Heavy fighting was meanwhile continuing in major producer Iraq, as US troops, backed by helicopter gunships, pounded militia bastions in Najaf's historic Old City, one day after radical Shiite leader Moqtada Sadr snubbed an Iraqi peace mission.