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Mon 21 Apr 2008, 09:45 GMT

Crude rises above $117 for the first time


Oil prices spike to record levels as OPEC rejects calls to boost output.

Crude oil rose above $117 for the first time after the Organization of Petroleum Exporting Countries (OPEC) said there was no need to increase oil production, rejecting calls from the U.K and Japan to raise output.

Speaking at a visit to the Kuwait Chamber of Commerce in Rome, Secretary-General Abdalla el-Badri said that an increase in oil production would not affect prices as there was already a balance between supply and demand.

Kuwait's acting oil minister Mohammad al-Olaim also commented on Sunday that supply and demand factors were not to blame for the soaring price of crude oil saying "the level of stockpiles does not currently affect prices on the world market."

Crude oil for May delivery on the New York Mercantile Exchange (NYMEX) rose to $117.21 a barrel by 09:37 GMT on Monday. Brent Crude meanwhile surpassed the settlement price of $114.22 reached on Friday, climbing to $114.36 by 09:40 GMT.

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