Oil prices hit record levels

Oil prices hit record levels today, reaching $56.85 a barrel on continued scepticism about Opec’s ability to calm markets by increasing official output.

Oil prices hit record levels
Mon, 21 Mar, 2005 - 11:06

Oil prices hit record levels today, reaching $56.85 a barrel on continued scepticism about Opec’s ability to calm markets by increasing official output.

The Organisation of Petroleum Exporting Countries appeared to be considering just that, with Saudi Oil Minister Ali Naimi saying it was deliberating increasing daily production by an additional 500,000 barrels.

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