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| Oil price increases to new record | Oil price increases to new record |
| (20 minutes later) | |
| The price of oil has hit a new record on the back of supply worries after bad weather hit Mexican oil exports. | The price of oil has hit a new record on the back of supply worries after bad weather hit Mexican oil exports. |
| US light, sweet crude oil rose 72 cents to $112.48 a barrel, above the previous record of $112.21. Brent crude rose 41 cents to $110.25 a barrel in London. | US light, sweet crude oil rose 72 cents to $112.48 a barrel, above the previous record of $112.21. Brent crude rose 41 cents to $110.25 a barrel in London. |
| Bad weather led Mexico - a key supplier to the US - to close ports that deal with 80% of its oil exports. | Bad weather led Mexico - a key supplier to the US - to close ports that deal with 80% of its oil exports. |
| "The supply is so tight that any supply problems cause real concern" said analyst Robert Nunan at Mitsubishi. | "The supply is so tight that any supply problems cause real concern" said analyst Robert Nunan at Mitsubishi. |
| "We just don't have the big cushion any more that we used have, so it's much easier for money to come in and prop up prices now." | "We just don't have the big cushion any more that we used have, so it's much easier for money to come in and prop up prices now." |
| Also rising to new records on Monday were petrol futures. Typically, as the summer holiday season approaches in the US, demand for petrol rises. | |
| But the Energy Information Administration says demand might fall as consumers try to tighten their belts. | |
| Another factor helping to push up oil prices in recent weeks has been the continued weakness of the dollar, prompting investors to place their money in commodities instead. | |
| One dollar traded at 101.16 yen in Tokyo on Tuesday while one euro was equivalent to $1.5825. |