OIL surged to new record highs above $76 a barrel yesterday on renewed worries over supply from major exporter Nigeria.

Oil producing nations, pumping almost as much as they can amid soaring oil prices, are to keep their output steady, rejecting suggestions by Venezuela to cut production.

WORLD oil prices climbed further yesterday after a surprise decision by the Organisation of Petroleum Exporting Countries to tighten oil supplies that analysts said will put the heat under crude markets this winter.