Oil edges closer to $140 per barrel
 17 Jun 2008
Oil prices have soared to almost $140 (£71.43) a barrel in New York trade, reaching yet another record.
The cost of fuel and home heating oil has been pushed up by continued supply concerns and speculation by investors.
Oil prices have doubled over the past year and calls are growing for oil producers' cartel Opec to increase production.
Despite a pledge by Saudi Arabia on Sunday to raise its national oil output, prices are continuing to climb and experts have expressed concern that soaring fuel costs could severely affect global economic growth.
US light crude reached a record level of $139.89 a barrel in Monday trade, but oil producers insist that it is speculation not shortages are driving up prices.
Saudi Arabia is increasing oil output by 200,000 barrels a day next month following talks between the country's oil minister and UN secretary general Ban Ki-Moon.
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