Oil prices rose to a record over $116 a barrel today as jitters over oil supplies from Nigeria outweighed a rally in the dollar and fears of an economic slowdown in China.
US light crude was up $1.12 at $115.98 a barrel after earlier hitting a record $116.19 a barrel. London Brent crude was up $1.04 at $113.47.
Oil prices have more than quadrupled since 2002 as supply struggles to keep up with booming demand, especially in China and other emerging economies.
A Nigerian rebel group said today it had sabotaged a major oil pipeline operated by Royal Dutch Shell and vowed to step up attacks on oil installations in the OPEC nation.
Shell officials were not able to confirm if any facilities had been damaged. Rebel groups have been attacking oil installations in the Niger Delta since 2006.
Shell currently pumps 400,000 barrels per day below capacity in Nigeria due to sabotage and security concerns.
