New York, May 10, IRNA - Crude oil prices have hit yet another all- time high in New York, tipping beyond $126 a barrel.

Driven by surging demand and continuing supply fears, US light crude hit $126.20 in afternoon trade in New York, before falling to $124.78 a barrel.

Despite the continuing rises in oil prices, producers group OPEC reiterated its view on Thursday that supplies were adequate for the time being.

However, it has also said that $200 a barrel was a possibility in the future.

In the past week, production in Nigeria has been affected by attacks on pipelines by anti-government militants, while Iraqi exports have been hit by renewed cross-border raids by Turkish forces against Kurdish insurgents.
 

... Payvand News - 05/10/08 ...