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Oil Prices Hit New Record of $50 a Barrel

By Jim Zarroli

Published September 27, 2004 at 9:00 PM PDT

For the first time, crude oil prices rise above $50 a barrel in world trading, despite efforts by OPEC to calm markets. The price is a response to the slow recovery of U.S. oil production following Hurricane Ivan in Florida and unrest in key producers Saudi Arabia, Iraq and Nigeria. Hear NPR's Jim Zarroli.