Oil prices hit new record highs

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. Bad weather led Mexico - a key supplier to the US - to close ports that deal with 80 percent of its oil exports.

Comments by Russia's leading oil firm suggesting output from the country may have peaked also concerned traders.

Editor's Comment
Women unite for progress

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