MercoPress. South Atlantic News Agency

Roaring oil prices close above 53 US dollars

Oil prices reached a new record high this Friday in New York with a closing price of 53,31 US dollars the barrel for light Texas crude, the highest ever since 1983. In London, Brent crude closed at 49,71 US dollars, also a record.

Sustained demand and concerns with supply given the possibility of new strikes in Nigeria and Norway, plus Gulf of Mexico refineries still recovering from the hurricanes continue to put pressure on prices, with analysts expecting 60 US dollars a barrel in the coming weeks.

World demand has increased dramatically so far this year because of China's economic boom and the strong recovery of the US economy.

David Robinson from the IMF Research Department said that global growth estimate for next year, 4,3%, could be considered outdated and 4% was a more accurate forecast. However he described the situation as "still manageable" because adjusted for inflation oil prices remain below the all time peak in the wake of the Islamic revolution in 1979, when the oil barrel reached the equivalent of 80 US dollars the barrel.