Oil prices shoot to record peaks

0 Comments | AFP, April, 2008

NEW YORK (AFP) — Oil hit fresh record highs Monday amid reports of pipeline sabotage in Nigeria and as the US dollar remained weakened, traders said.

Market participants said OPEC's stance not to increase its output against rising prices was also stoking values higher.

New York's main oil futures contract, light sweet crude for delivery in May, struck a new peak in intraday trading of 117.76 dollars before closing at 117.48 dollars, which marked a record closing high.

The contract has jumped 79 cents compared with Friday's closing level.

In London, Brent North Sea crude for June delivery settled up 51 cents at an all-time settlement high of 114.43 dollars after hitting an intra day record summit of 114.86 dollars.

Sucden analyst Nimit Khamar...