World oil prices struck new record high points in London and New York this evening as traders focused on refinery fears and political concerns, despite a mixed report on US stockpiles.
New York's main contract, light sweet crude for delivery in September, surged $1.36 to $64.43 a barrel - the highest level since it was first traded in 1983. The price of Brent North Sea crude oil for delivery in September jumped $1.48 to $63.46, after striking a historic $63.64 shortly beforehand.
Oil prices have surged to new highs on security concerns in the Middle East and disruptions to overwhelmed refineries in the US and Europe, according to analysts. British energy giant BP said today it had closed a gasoil hydrotreating unit at its huge petrochemical complex in Texas City, southern US, because of a leak.
Earlier the US Department of Energy said US stockpiles of crude oil recorded a surprising increase in the past week. In a weekly report, the DoE said crude reserves jumped by 2.8 million barrels to 320.8 million barrels in the week to August 5. But in its own survey of oil brokers, the private American Petroleum Institute (API) said crude stocks rose just under six million barrels to 322.28 million.
The DoE said stockpiles of distillate products, which include heating oil, rose by 2.6 million barrels to 129.9 million, in line with expectations. The API survey gave a fall of 724,000 barrels to 125.36 million. Petrol inventories fell by 2.1 million barrels to 203.1 million over the week, the DoE reported. The API said they fell by 1.49 million barrels to 207.61 million.
