Oil prices hit record high 117.40 dollars per barrel

LONDON: World oil prices hit a record high USD 117.40 today as traders seized on unrest in key producer Nigeria, the weak US currency and OPEC's refusal to increase production, traders said.
       
Later on Monday, New York's main oil futures contract, light sweet crude for delivery in May, stood at USD 117.10, up 41 cents from Friday's close.
       
At the same time, London's Brent North Sea crude for June delivery hit a record pinnacle at 114.65 dollars per barrel. It later stood at USD 114.37, up 45 cents.
       
"The oil markets have made a fresh record high of USD 117.40, supported by geopolitical concerns surrounding Nigeria and comments from OPEC, who over the weekend once again reiterated their reluctance to increase production," Sucden analyst Nimit Khamar said.
       
Monday's new record price levels beat the previous peaks that were forged on Friday as news emerged of another pipeline attack in Africa's biggest producer Nigeria.
       
Anglo-Dutch oil group Shell said Saturday it had slightly reduced oil production following a militant attack on a major supply pipeline in southern Nigeria.
       
Shell, Nigeria's largest oil operator accounting for around half of the country's 2.1 million barrels per day output, has seen a wave of attacks on its facilities in recent months.
       
Also over the weekend, OPEC president and Algerian Oil Minister Chakib Khelil said that there was no need for an immediate hike in production.