Oil price flirts with record, hits 55.65 dollars in New York

NEW YORK - The price of oil flirted with a new all-time record in New York on Wednesday, hitting 55.65 dollars a barrel on worries about sustained demand and a cold snap that has hit the eastern United States.
Market data initially showed the April contract for light sweet crude had traded at a record of 55.70 dollars a barrel. But the New York Mercantile Exchange later corrected its data and said the trade never took place.
The price for the benchmark light sweet crude came within a whisker of the all-time record in October of 55.67 dollars a barrel.
An hour later, at 1829 GMT, the price had dipped to 55.30 dollars a barrel, which was a rise of 71 cents from the prior day's close.

03/09/2005 18:54 GMT