Oil Jumps to New Record on Supply Concerns

Crude oil prices have jumped to a record high of US$117, due to concern over supply disruptions from major producers.

US light crude has hit a record high of US$117.40 a barrel, while London Brent crude also rose to US$114.65, writes Reuters.

Yesterday, OPEC Group President Chakib Khelil announced oil production would not be raised to counter high oil prices.

The comments come amid concerns over North Sea production as Scottish oil refinery Grangemouth prepares for a possible two-day strike by workers later this month.

The strike could impact North Sea oil production and some gas output.

By staff writer