Crude-Oil Prices Hit Record $63 a Barrel

By EDITH BALAZS
The Associated Press
Monday, August 8, 2005; 10:53 AM

BUDAPEST, Hungary -- Crude-oil prices rallied to a new high above $63 a barrel on Monday, reflecting market fears over the U.S. embassy closure in Saudi Arabia due to security threats and concerns that shutdowns of U.S. oil refineries would reduce supply.

Light, sweet crude for September delivery rose to a high of $63.80 a barrel on the New York Mercantile Exchange before falling back a bit to $63.50, up $1.19.