Oil price hits new records of $ 50

Crude oil priced jumped to a new record in New York and the price of one barrel reached $ 50 after rebels in Nigeria threatened to launch a comprehensive war against the government and demanded oil companies to halt their production.

The price of oil barrel for November delivery reached in Nimex Bourse for future contracts in New York $ 49.75, while the price of one barrel in conclusion of dealings reached $ 49.64 at an increase of 1.6% over the figures of Friday, the last day in the dealings last week..

This oil increase, the highest since 21 years, came after the stumbling of oil exports in Nigeria, the fifth major oil exporting country in OPEC, and the increased fears of non availability of enough oil supplies before the increased demands for oil in winter.

The advisor of the president of Nigeria for oil affairs said that his country's oil production decreased to 225000 barrels daily. This coincided with the continued concern over the supplies in Iraq and Saudi Arabia because of the trembling security condition and the uncertain position of the Russian Yokos oil company.

Moreover; the production of half a million of American crude oil is still suspended following hurricane Ivan which deprived the USA from more than 10 million barrels of oil production.

This comes despite OPEC's assertions to increase their production while the Saudi minister of oil Ali al-Nueimi made assurances to a group of American oil exports that the Kingdom is working to guarantee the stability of oil market by providing supplies.