Oil Jumps to Hit New Record

Oil jumped to a record near US$112 a barrel today, with cuts in the US Federal Reserve discount rate and sale of US bank Bear Stearns taking the dollar down to all-time lows.

Crude for April delivery was up US$1.16 at US$111.37 a barrel, off a record US$111.80 hit last week, writes Reuters.

The International Energy Agency has gathered experts from the financial and oil trading industries, as well as representatives from the production and refining sectors, to discuss the current surge in crude oil prices today.

Oil prices have repeatedly hit record highs since the start of the year.

By staff writer