Global oil prices should soon fall, partly because of expected supply increases from Iraq, the head of the Opec cartel forecast today.

CRUDE oil futures rose in New York yesterday after a blast damaged an oil pipeline in Iraq, renewing concerns that violence will disrupt exports from the Middle East’s fifth-biggest oil producer.

LONDON Brent crude fell briefly through $40 yesterday for the first time in three weeks, extending heavy losses to a fifth session as renewed exports from Iraq and higher-than-expected US petrol inventories encouraged big-money funds to take profits.

Oil prices eased back below the $44 mark today after hitting fresh record highs.

Oil prices remained near record highs on both sides of the Atlantic today as concerns mounted over supplies.

Analysts have forecast that oil prices could rise to $50 a barrel and that OPEC will not be able to meet fourth quarter demand.

British motorists were today warned to expect petrol prices above 80p (120c) a litre for the “foreseeable future” after the cost of oil soared to a new high.

Opec aims to boost its oil output capacity by at least 10% by the end of next year, in an effort to keep crude prices from rising further, the group’s president said today.

OPEC hopes to put a lid on stubbornly-high crude prices by adding 500,000 barrels a day to its targeted output, but vigorous worldwide demand and a dearth of spare production capacity could combine to thwart its plans.

NEW YORK crude oil futures may fall this week as surging imports from the Organization of Petroleum Exporting Countries boost US inventories, according to a survey of traders and analysts.

OPEC’s decision to raise its output ceiling by up to 11% over two months may help soothe a nervous market, but it does not oblige the group to pump a single barrel of additional oil.

Fears about rising oil prices resurfaced today following the hostage-taking crisis in Saudi Arabia.

Crude oil futures slid for a third day in London on expectations OPEC will raise its production quotas next week to help lower prices from near-record levels.

WORLD oil prices bubbled near record highs yesterday as OPEC’s top official said producers were powerless to manage a spike driven by factors outside its control.

Opec, supplier of a third of the world’s oil, has enough spare capacity to boost output by up to 15% if it sees the need, the cartel’s president said today.

OIL prices struck a new high last night on simmering concern that rapid fuel demand growth will outpace global supplies at a time when traders fear a sabotage attack on the Middle East oil infrastructure.

Oil prices continued to rise today, edging even closer to the record high set in the lead-up to the last Gulf War.

OIL prices yesterday surged to a new 13-year high of more than $40 a barrel over concerns that OPEC may not pump enough oil to meet world demand.

OPEC, the Organisation of Petroleum Exporting Countries, is supplying enough crude oil, and rising crude prices reflect speculation amid threats to stability in the Middle East, a senior Iranian OPEC official said.

OPEC is leaking extra supplies to contain high oil prices and would prefer crude down about $2 a barrel, OPEC President Purnomo Yusgiantoro of Indonesia said on Thursday.

THE Organisation of Petroleum Exporting Countries, supplier of a third of the world’s oil, will probably defer output cuts until later this year because prices are rising and Iraqi exports are delayed, officials and analysts said.

OPEC, supplier of a third of the world’s oil, is planning to cut production from its highest level in 18 months to prevent a price slump as demand slows and Iraqi sales near a return to the market.