Oil prices approach record heights

AFP
Tuesday, April 8, 2008

World oil prices spiked on Tuesday close to record high points as supply concerns were stoked by a recent fire at a Finnish refinery and comments from the OPEC cartel, traders said.
New York's main oil contract, light sweet crude for delivery in May, touched 109.64 dollars per barrel early Tuesday. The contract later stood at 108.65 dollars, down 43 cents from the close on Monday.

New York crude had forged a historic peak of 111.80 dollars on March 17 owing to a weak dollar, tightening global supplies and choppy world financial markets.

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London's Brent North Sea crude for May dropped 48 cents to 106.66 dollars after earlier touching 107.78 dollars. That was close to a record high 108.02 reached in March.

Oil prices were "still supported by renewed supply concerns after a fire at a Finnish refinery last Friday," said Sucden analyst Andrey Kryuchenkov on Tuesday.

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