Oil prices have sustained at record prices above US$126 a barrel despite a 300,000 bpd increase in output by Saudi Arabia. Despite the output increase and a move by the US to temporarily stop filling government stockpiles, soaring prices have been difficult to control because of market expectations. Suspension of shipments to America's Strategic Petroleum Reserve is not expected to have much impact on supplies.
Before the end of trade on Friday, light, sweet crude for June delivery touched a trading record of US$127.82 a barrel on the New York Mercantile Exchange, before settling at US$126.29.
19-May-08 
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