Oil prices soared to fresh highs of more than $126 this afternoon, lifted by a new round of speculative buying after Opec brushed aside US calls for an increase in production, insisting that the market remained well-supplied.

New York’s main oil futures contract, light sweet crude for June delivery, touched a high of $126.20 while London’s Brent crude contract hit an all-time record of $125.90. Oil prices have risen 25 per cent since the beginning of the year and more than doubled compared to this time last year when it was trading at $62 per barrel. ... Read full article