Oil set a new record high of a barrel on Tuesday, the latest spurt in an advance that has seen prices double over the past 12 months. Supply disruptions in Nigeria, where a strike and attacks by militants has hit production, have helped boost a market that is nervous about any threats to supply.
Oil hit a new record near a barrel on Monday, boosted by a string of bullish factors that include a United Kingdom refinery strike and disruptions to Nigeria's output that highlight the market's anxieties over threats to supply. Prices held firm below earlier highs, despite a rally in the US dollar versus the euro and yen.
Oil rose to a record high above on Tuesday, boosted by a jump in oil demand last month from China, the world's second biggest energy consumer, and worries about supply from key producers Russia and Nigeria. United States light crude for May delivery was up 26 cents at ,74 a barrel by 10.05am GMT, after an all-time peak of .05.
Oil eased on Tuesday after it reached a record of almost a barrel in the previous session, buoyed by investor demand for commodities as well as expectations Opec will not increase supply despite high prices. United States light crude for April delivery was down 44 cents at ,01 a barrel by 10.30am GMT, after touching a record high of ,95 on Monday.
Oil hit a record high of nearly $79 a barrel on Wednesday, after the Organisation of the Petroleum Exporting Countries's (Opec) modest output increase failed to allay winter supply concerns and ahead of United States inventory data. US light crude for October delivery set a record high of $78,99 a barrel.