US oil prices soar
Published:Tuesday | April 22, 2008 | 10:02 AM
Oil prices in London and New York have hit fresh highs as fears over supply problems continue to drive the market.
US light, sweet crude hit a new peak of $117.76 a barrel in US trading before settling at $117.48, while Brent crude peaked at $114.86 a barrel.
The impending closure of a large oil refinery in Scotland, ahead of strike by workers, worried traders, as did more attacks on Nigerian pipelines.
The International Energy Agency has reiterated that prices are too high.
It said the recent surge in prices, driven by the prospect of supply disruptions and the weak dollar, was making life painful for developing nations that do not produce their own oil.