Oil prices sky rocket past US$117 a barrel

Oil prices have set a new record, spiking past US$117 a barrel in early Asian trading, on news of a pipeline attack in Nigeria and OPEC's plans to maintain production despite runaway prices. Light, sweet crude for May delivery spiked to new highs of US$117.05 a barrel before falling back to US$116.58 in Asian electronic trading on the New York Mercantile Exchange.
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