BBC: The price of crude oil has hit a new high of close to $140 a barrel in New York trade, despite Saudi Arabia agreeing to increase output in July.
US light crude rose to a record high of $139.89 a barrel, surpassing the previous high of $139.12 set on 6 June.
The price later fell back in afternoon trade to $134.57 a barrel.
On Sunday, Saudi Arabia had said it would increase its oil production by 200,000 barrels a day next month in a move to meet growing world demand.
That would make a total rise of 550,000 barrels a day, or over 6%, since May and would take Saudi output to its highest monthly rate since August 1981.
The news was announced after UN Secretary General Ban Ki-Moon met Saudi Oil Minister Ali al-Naimi in Jeddah for talks on the high oil price. Oil at Record Near $140 a barrel >>> | June 16, 2008
The Dawning of a New Dark Age (Paperback – USA)
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