Oil prices rise as OPEC president questions investment flows

0 Comments | AFP, July, 2008

NEW YORK (AFP) — Oil prices swung back towards record highs on Tuesday after the president of OPEC said there was uncertainty surrounding future investment in energy facilities that could boost crude output.

The International Energy Agency (IEA) meanwhile said that growth in supply would outpace demand until 2010, after which the oil market would likely experience supply tensions.

New York's main oil futures contract, light sweet crude for August delivery, closed up 97 cents at a record close of 140.97 dollars a barrel. The contract had struck a historic peak of 143.67 dollars on Monday.

Brent North Sea oil for August delivery settled up 84 cents at an all-time settlement high of 140.67 dollars, after striking a record trading peak of 143.91 dollars on...