Oil climbs fuelled by supply concerns
 11 Jun 2008
Oil prices were pushed up yet again on Tuesday as fresh worries about supplies surfaced.
The price of crude oil has doubled over the past year and concerns are growing that record oil price rises will start to affect global economic growth.
A new report by the International Energy Agency (IEA) has further fuelled supply fears because it reduces forecasts for oil supply growth in the future.
The IEA has also reduced its predictions for demand growth in the monthly report, but supply constraints and recent attacks on oil supplies in Nigeria are forcing up prices.
Experts have stressed the importance of improving energy efficiency in order to combat the effects of oil price rises on consumers and businesses around the world.
US crude oil prices rose by $137.21 (£70.17) a barrel on Tuesday, up by almost $3 and pushing close to a record high of over $139 a barrel reached last Friday. A rally by the US dollar and talks by Saudi Arabia aimed at potentially increasing production helped to ease price inflation earlier this week.
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