19 April 2008 - Mumbai: Crude oil prices climbed to a record $117 a barrel on Friday despite a dollar rally and concerns of an economic slowdown in China.US light sweet crude settled up $1.83 at $116.96 a barrel, before hitting a record $117. London Brent crude rose $1.49 to $113.92. The oil price rally has been aided by the sabotage of a major oil pipeline operated by Royal Dutch Shell by Nigerian rebels who vowed to step up attacks on oil installations. Shell, which currently pumps 400,000 barrels per day from the Nigerian fields, confirmed a small amount of production had been shut in.
Oil prices have more than quadrupled since 2002 as supply struggles to keep up with booming demand, especially in China and other emerging economies. More >>>
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