[Ost-news] Oil soars to record above $117

[Oil Sands Truth: Shut down the Tar Sands - social and environmental impacts of tar sands heavy oil projects across North America]

Oil soars to record above $117  
Ikuko Kao, Reuters  
Published: 48 minutes ago

LONDON (Reuters) - Crude oil prices surged above $117, setting a new record high on Monday because of worries of supply disruptions from major producers and comments by OPEC reiterating there is no need to raise output.

U.S. light crude struck a record high of $117.40 a barrel. It was trading 27 cents higher at $116.96 by 1155 GMT (7:55 a.m. EDT).

London Brent crude also struck its all time peak of $114.65. It was trading at $114.20, up by 28 cents.

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