Price of Crude Oil Hits New Intraday, Closing Highs on Tuesday

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he price of crude oil futures in New York rose to a record $46.95 a barrel on Tuesday afternoon as strong economic reports boosted concern that production capacity may not be adequate to meet global demand, Bloomberg reported.

After rising to a new high, crude oil for September delivery ended the day at $46.75 on the New York Mercantile Exchange, the highest closing price on record. Futures, which began trading in New York in 1983, have set intraday records all but one day since July 30.

Oil was up 51% from a year earlier. It has risen 44% this year on concern that demand won't be met because of supply disruptions in exporting countries, Bloomberg said.

Crude had declined on Monday after Venezuelan President Hugo Chavez won a recall vote, which eased concern of oil-export disruptions from the fourth-largest supplier to the United States, news services reported.

The Federal Reserve on Tuesday said U.S. industrial production rose 0.4% in July. In addition, housing starts rose 8.3% in July to an annual pace of 1.978 million new units, the Commerce Department said.

Economists told Bloomberg these reports appeared to show oil and fuel consumption would continue to grow in the United States.