Business | Oil & Gas
Oil hits record high as supplies are disrupted
Oil futures surged to record highs on Tuesday, breaking through buy-stops as they extended gains on the back of supply disruptions and a weak dollar.
- Agencies
- Published: 10:41 April 15, 2008
Singapore: Oil futures surged to record highs on Tuesday, breaking through buy-stops as they extended gains on the back of supply disruptions and a weak dollar.
US light crude for May delivery rose 59 cents to $112.35 a barrel, after touching a high of $112.48 a barrel and surpassing its previous $112.21 a barrel record.
London Brent crude rose 41 cents to $110.25 a barrel, after a record-high of $110.45 and surpassing Monday's $110.01 high.
Mexico, one of the top exporters to the US market, kept its three main crude oil exporting ports in the Gulf of Mexico shut on Monday due to bad weather. The three ports ship about 80 per cent of Mexico's crude exports.
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