Oil hits record US$118.45

New York: Oil prices rocketed to historic highs above 118 dollars yesterday, lifted by the tumbling dollar, unrest in Nigeria and OPEC's reluctance to increase output, traders said.

New York's main oil futures contract, light sweet crude for delivery in May, jumped to an all-time high of 118.45 dollars.

"For the moment, there does not seem to be anything stopping the price juggernaut we are seeing in energy," said MF Global analyst Ed Meir.

"The (oil) market is still fairly tight, with OPEC reluctant to hike output, blaming speculators and the broad weakness in the dollar for driving prices higher," said Sucden analyst Andrey Kryuchenkov.

Ministers from oil-consuming countries expressed "concern" at high oil prices at the International Energy Forum, which ended in Rome.

"Ministers expressed concerns over the current level of oil prices," the final statement of the IEF said.

"The Forum noted that oil prices should be at levels that are acceptable to producers and consumers to ensure global economic growth, particularly in developing countries," the statement said. AFP