Oil prices at record high Published: 20 April, 2006
CRUDE oil traded in London has hit a record high of $74.16 a barrel, the seventh consecutive day in which it has set a new price peak, according to the BBC. Concerns that increased demand for petrol will squeeze already stretched supplies have kept prices high, as data showed a fall in US gasoline stocks. US-Iran tensions and Nigerian supply concerns are claimed to also be driving the market. Brent crude later eased to $74.10 while US light, sweet crude hovered near its $72.40 high of recent days. In Asian trading, prices edged up 3 cents to $72.20. Analysts were reported to have said that prices were likely to keep spiking higher as long as there was an atmosphere of global political uncertainty fuelled by Iran’s dispute with the international community over its nuclear intentions. There are fears that oil exports from Iran – the world’s fourth largest producer – could be disrupted if its dispute with the international community worsens.
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