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 byreiterating 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).
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 presidentsaid on Sunday.
His remark was followed byGholamhossein 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 forsaid in a research note.