Oil hits record high as crude stocks fall

Many industries are already groaning under the weight of the record oil price, not least the airline industry, which saw four US airlines collapse last week. Collins Stewart, the UK broker, slashed forecasts for airlines after taking into account a sustained period of oil at more than $110 a barrel.

There are concerns that British manufacturers, who are already seeing sharply increased costs, will not be able to pass the impact of higher fuel prices on to their customers.
The Times