Oil prices hit record in New York

By IRNA

New York : Oil prices have surged to record levels as traders bet that the Opec oil producing nations will reduce output.

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In New York, the main contract for light sweet crude oil closed at a record dlrs 101.01 a barrel, up dlrs 4.51.

Market analysts say OPEC producers might cut production in response to the slowdown of the US economy, which is the world’s biggest oil user.

There was also concern over supplies from Nigeria and the ongoing row between Exxon Mobil and Venezuela.

OPEC oil producers meet on 5 March.

“Production is not going to increase. It will either decrease or be stable,” OPEC President Chakib Khelil told IRNA in Vienna.

Analysts think a cut in production is increasingly likely.