Oil Price Soars: Just below $117 on Asian/Pacific Hours

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Oil Price Soars: Just below $117 on Asian/Pacific Hours

By Amanda | April 20, 2008

Concern in earlier reports from Australia highlighted the precarious situation of oil price rise almost on a daily basis. Where will this end in the face of global risisng food cost. Where do we go from here?

According to the report, “Oil held below $117 a barrel on Monday, supported by worries of supply disruptions in Nigeria and comments by OPEC that it saw no need to increase production.” Read the full story..

U.S. light crude for May delivery rose 5 cents to $116.74 a barrel by 2310 GMT, after briefly touching a new record high of $117.05 a barrel.

London Brent crude rose 6 cents to $113.98.

The Organisation of Petroleum Exporting Countries (OPEC) sees no need to raise oil production to counter high oil prices, OPEC’s President said on Sunday.

“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 production would have no impact on prices as the market was well-supplied.

Khelil also said a previous output increase had failed to push prices down last year.

Separately, OPEC Secretary General Abdullah al-Badri said oil prices could rise higher still should the U.S. dollar weaken further.