Click to play videoNew Delhi: Global oil prices reached a record high yet again on Friday with the US light crude going past $124 a barrel in after-hours trade.
This, despite news that US energy stocks had risen by a more than expected amount last week.
Oil prices have gone up by almost a quarter since the beginning of 2008 and experts say concerns over supply, forecasts of higher world energy demand and the weak value of the dollar have been the causes.
OPEC, the organisation of oil producers, however says there is no shortage in the markets as yet.
Reuters reports: U.S. crude oil futures extended their record high amid volatile trading midday on Wednesday, supported by a rally in heating oil futures and despite a larger-than-expected crude stock increase last week.
Heating oil futures also rose further, posting new intraday highs, fueled by data that distillate stocks fell, against forecasts for an increase.
Gasoline futures were stuck in the loss column as the data showed that supplies increased, against the forecast for a small drawdown.
On the New York Mercantile Exchange at 1:10 p.m. EDT (1710 GMT), June crude CLM8 was up $1.14 or 0.94 per cent to $122.98 a barrel, after trading from from $121.54 to $123.23, which was a new peak.
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