Opec supplies may increase as oil nudges $60

Oil prices broke new records on both sides of the Atlantic yesterday, prompting Opec to announce it would begin talks about a further increase in supply.

The price of crude came close to hitting the psychological $60-a-barrel mark yesterday after breaking through $59 in New York.

Analysts said fears over a shortage of supply capacity were exacerbated by an outbreak of political turmoil in Nigeria, a major oil producing nation.

The Independent