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Oil Prices Hit New Record of $50 a Barrel

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.

Copyright 2004 NPR

Jim Zarroli is an NPR correspondent based in New York. He covers economics and business news.