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Dubai Oil Price Soars to 41-Month High

Written: 2004-04-28 00:00:00Updated: 0000-00-00 00:00:00

The price of Dubai oil has soared to a 41-month high.

The state-run Korea National Oil Corporation said the price of Dubai oil closed Tuesday at 32.7 dollars per barrel, 39 cents higher than the previous day.

The figure is the highest since November 13, 2003.

The corporation cited intensifying conflicts in oil-rich Iraq and continued political instability in the Middle East as reasons for the oil price hike.

South Korea imports 80 percent of its crude oil from the Middle East.

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