Ivan makes a statement

Prices are edging towards a new historic high of US$50 per barrel as a big decline in United States oil stocks, caused by disruptions from Hurricane Ivan, and continued strong Asian economic growth stretch global oil supplies.

Reuters reported that by Wednesday US time oil prices had climbed to within a dollar of a new record moving up US$1.59 to US$48.35 per barrel, just US75c shy of the US$49.40 record of August 20.