US light crude prices hit record highs

US LIGHT CRUDE oil hit record highs early yesterday, breaking $57 for the first time.

Despite OPEC’s pledge the day before to increase output by 500,000 barrels a day, the price of light crude gained 56 cents to $57.03 a barrel while London’s brent crude put on 65 cents to a new record $55.53 a barrel.

OPEC president Sheikh Ahmad al-Fahd al-Sabah said the group will consider early talks on further output increases if prices do not ease back.