World oil prices struck $67 per barrel in New York and moved up to $66 dollars in London, breaking records on both sides of the Atlantic on strong global demand and US refinery problems.
New York's main contract, light sweet crude for delivery in September, surged 95 cents to $66.75 dollars per barrel in early trade. Moments before it struck a record $67.10 - the highest point since it was first traded in 1983.
The price of Brent North Sea crude oil for delivery in September gained 97 cents to $66.35 per barrel -- after hitting an all-time high of $66.77.
Yesterday problems were experienced at a ConocoPhillips facility in Wood River, Illinois. Reports also persisted of additional problems at BP's Texas City refinery, the third largest refinery in the United States.
European oil prices were supported by news that BP's North Sea 120,000 barrel-per-day Schiehallion oilfield was not expected to reopen until the end of the month, when repairs and testing were likely to have been completed.
In addition, traders have been monitoring developments in the oil-rich Middle East this week. OPEC kingpin Saudi Arabia is on
alert for possible terrorist attacks and Iran risks a showdown with the US government by resuming nuclear fuel work.
The International Energy Agency meanwhile held steady its forecast for growth of overall demand at 1.60m barrels per day this year and 1.78m barrels next year, allowing for an easing of apparent demand for oil in China and a small upward adjustment for US demand.
