3 August 2005, 15:20  Brent oil price surpasses 61 usd for first time

The price of Brent North Sea crude oil reached a new record high of 61.09 usd per barrel in trading here ahead of US crude inventories data. The price of Brent North Sea crude oil for delivery in September rose by 47 cents to reach the record level in electronic dealing. That beat the previous record of 60.98 usd set on Monday. Expectations of falling stockpiles in the US, the world's biggest oil consumer, have added to concerns about tight supplies, especially going into the northern hemisphere winter, dealers said.

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