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| Rig Norway's Oseberg oil and gas field |
On Monday crude oil in New York hit a new record of $139.89 as a weaker dollar boosted demand for commodities as a hedge, and a fire in the North Sea reduced output.
The US dollar has fallen to $1.5509 against the euro from $1.5371 earlier on Monday.
StatoilHydro ASA's 150,000 barrel-a-day Oseberg oil and gas field off the Norwegian coast in the North Sea, was shut after a fire broke out in a high-voltage room on a platform yesterday.
Crude oil for July delivery is trading at $3.99, or 3% to $138.85 a barrel on the New York Mercantile Exchange. Futures reached the previous record of $139.12 a barrel on June 6th.
Brent crude oil for August settlement climbed $3.01, or 2.35 to $138.12 a barrel on London's ICE Futures Europe exchange. Prices rose to a record $139.32 today.
Saudi Arabia said on Sunday that it plans to increase its oil production by 200,000 barrels a day next month. The kingdom's oil minister informed UN Secretary-General Ban Ki-moon of the development, according to Ban's spokesman.
Ban met with Oil Minister Ali al-Naimi in the Red Sea port city of Jeddah during a one-day trip to the world's largest oil producer.
Saudi Arabia, plans to hold a summit of producer and consumer country representatives, including the Paris-based International Energy Agency, in Jeddah, on June 22nd.
Ban's spokesman said on Sunday that al-Naimi told Ban that Saudi Arabia would increase oil production by 200,000 barrels a day from June to July. In May, the kingdom increased its production by 300,000.
By July, production should be at 9.7 million barrels a day.
