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Oil soars to record above $117
Crude oil prices surged above $117, setting a new record high yesterday because of worries of supply disruptions from major producers and comments by OPEC reiterating there is no need to raise output. US light crude struck a record high of $117.40 a barrel. It was trading 43 cents higher at $117.12 by 0845 GMT. London Brent crude also struck its all time peak of $114.65. It was trading at $114.37, up by 45 cents. The Organisation of the Petroleum Exporting Countries (OPEC) sees no need to raise oil production to counter high oil prices, OPEC?s president said on the day before. ?No,? said Chakib Khelil, who is also Algeria?s Energy and Mines Minister, when asked by reporters whether OPEC would raise production. He added that raising output would have no impact on prices as the market was well-supplied. His remark came amid concerns over North Sea production due to an impending strike by workers at a refinery in Scotland and supplies from Nigeria, Africa?s largest oil exporter.
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