Brown voices concern over record oil prices

The oil price spiralled to an all-time high today of almost $140 a barrel, leading Gordon Brown to declare it was “the most worrying situation in the world”.

The spiral upwards continued on the back of a weaker dollar and a fire on a North Sea oil platform with traders, dismissing as too little, too late a weekend promise by Saudi Arabia to pump more oil to increase supplies.

A barrel of US crude for delivery in July hit $139.89 in US trading, breaking through the previous high of $139.12 set last week. North Sea Brent crude also hit a record high today, touching $139.32 a barrel.

Guardian