Archive for the ‘North Sea’ Category

Oil soars to record above $117

April 21, 2008

By Ikuko Kao

LONDON (Reuters) – Crude oil prices surged above $117, setting a new record high on Monday because of worries of supply disruptions from major producers and comments by OPEC reiterating there is no need to raise output.

U.S. light crude struck a record high of $117.40 a barrel. It was trading 27 cents higher at $116.96 by 1155 GMT (7:55 a.m. EDT).

File photo shows an aerial view of new oil platforms P-52 for ...
File photo shows an aerial view of new oil platforms P-52 for the oil company Petrobas at Campos basin in Rio de Janeiro, 28 November, 2007.(Bruno Domingos/Reuters)

London Brent crude also struck its all time peak of $114.65. It was trading at $114.20, up by 28 cents.

The Organisation of the Petroleum Exporting Countries (OPEC) sees no need to raise oil production to counter high oil prices, the group’s president Chakib Khelil said on Sunday.

His remark was followed by Iranian oil minister Gholamhossein Nozari, who said on Monday oil prices were not too high in real terms.

“OPEC’s assertion that an increase in its oil production will not help to bring down prices should be put to the test,” the Centre for Global Energy Studies said in a research note.

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http://news.yahoo.com/s/nm/20080421/bs_nm/markets_oil_dc;_ylt=
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