Supply fears push oil beyond $126
Regional, Economics, 5/13/2008

Crude oil prices have hit yet another all- time high in New York, tipping beyond $126 a barrel.

Driven by surging demand and continuing supply fears, US light crude hit $126.20 in afternoon trade in New York, before falling to $124.78 a barrel.

Despite the continuing rises in oil prices, producers group OPEC reiterated its view on Thursday that supplies were adequate for the time being. However, it has also said that $200 a barrel was a possibility in the future.

In the past week, production in Nigeria has been affected by attacks on pipelines by anti-government militants, while Iraqi exports have been hit by renewed cross-border raids by Turkish forces against Kurdish insurgents.

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