Oil price increases to new record

Tuesday, 15 April 2008

Oil prices have risen sharply in recent months

The price of oil has hit a new record on the back of supply worries after bad weather hit Mexican oil exports.

US light, sweet crude oil rose 72 cents to $112.48 a barrel, above the previous record of $112.21. Brent crude rose 41 cents to $110.25 a barrel in London.

Bad weather led Mexico - a key supplier to the US - to close ports that deal with 80% of its oil exports. . . read more