Crude Oil Prices Hit New Record

Crude futures rose to a new high of $62.69 in Asian trading Monday as the U.S. government announced the closure of its embassy and consulates in Saudi Arabia due to security threats and on continued concerns that earlier shutdowns of U.S. oil refineries would reduce supply.

Midmorning in Singapore, light, sweet crude for September delivery on the New York Mercantile Exchange rose as high as $62.69 in Asian electronic trading before slipping back to $62.51. On Friday, crude settled at U$62.31 a barrel, a record close for crude since Nymex trading began in 1983.

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