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Oil rises to yet another record | Oil rises to yet another record |
(21 minutes later) | |
Oil prices in London and New York have hit fresh record highs on the risk of supply disruptions and signs that Opec is unwilling to raise output further. | Oil prices in London and New York have hit fresh record highs on the risk of supply disruptions and signs that Opec is unwilling to raise output further. |
US light, sweet crude hit a record high of $117.40, while a barrel of Brent crude peaked at $114.65. | US light, sweet crude hit a record high of $117.40, while a barrel of Brent crude peaked at $114.65. |
The impending closure of a large oil refinery in Scotland, ahead of strike by workers, and its potential impact on North Sea supplies worried traders. | The impending closure of a large oil refinery in Scotland, ahead of strike by workers, and its potential impact on North Sea supplies worried traders. |
The International Energy Agency (IEA) reiterated that prices were too high. | The International Energy Agency (IEA) reiterated that prices were too high. |
It said the recent surge in prices, driven by supply concerns and the weak dollar, was making life particularly painful for developing nations which do not produce their own oil. | It said the recent surge in prices, driven by supply concerns and the weak dollar, was making life particularly painful for developing nations which do not produce their own oil. |
Opec stance | Opec stance |
US light, sweet crude passed the $117 mark for on Monday before easing slightly to $116.96. Brent crude also fell back slightly to $114.20 after reaching its latest historic peak. | |
A range of factors including the uncertain situation at Grangemouth - one of the largest refineries in the UK - and fresh attacks by militants on pipelines in Nigeria spurred prices on. | A range of factors including the uncertain situation at Grangemouth - one of the largest refineries in the UK - and fresh attacks by militants on pipelines in Nigeria spurred prices on. |
If oil-producing countries were to maintain their current level of production, inventories would be replenished Nobuo Tanaka, International Energy Agency Scottish refinery starts to close | If oil-producing countries were to maintain their current level of production, inventories would be replenished Nobuo Tanaka, International Energy Agency Scottish refinery starts to close |
Comments by Opec's president Chakib Khelil that the producers' body would not be prepared to raise quotas to try and curb the latest price spike also added momentum. | Comments by Opec's president Chakib Khelil that the producers' body would not be prepared to raise quotas to try and curb the latest price spike also added momentum. |
"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. | "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. |
Although concerned about current price levels, the IEA predicts prices will fall as the slowing of industrialised economies reduces demand for oil. | Although concerned about current price levels, the IEA predicts prices will fall as the slowing of industrialised economies reduces demand for oil. |
It predicts world oil demand will slow by an average of 300,000 barrels per day this year, primarily as a result of the economic slowdown in the US. | It predicts world oil demand will slow by an average of 300,000 barrels per day this year, primarily as a result of the economic slowdown in the US. |
Nobuo Tanaka, the IEA's head, did not repeat his call to oil producing countries to increase production to try bring prices down from their record levels. | Nobuo Tanaka, the IEA's head, did not repeat his call to oil producing countries to increase production to try bring prices down from their record levels. |
"If oil-producing countries were to maintain their current level of production, inventories would be replenished, " he said. | "If oil-producing countries were to maintain their current level of production, inventories would be replenished, " he said. |
"That will lead to better-balanced fundamentals, assuming there are no unforeseen geopolitical events, leakages, accidents, hazardous weather or port strikes." | "That will lead to better-balanced fundamentals, assuming there are no unforeseen geopolitical events, leakages, accidents, hazardous weather or port strikes." |
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