Oil prices have reached a new record high of just under 140 dollars a barrel in New York trading.
The rise comes despite news that Saudi Arabia has agreed to raise production levels by 200,000 barrels a day to help push down soaring energy costs. Saudia Arabia is to increase production levels to a record 9.7 million barrels per day. However, market analysts said the Saudi move was not enough to soothe concerns about long terms trends in supply and demand.
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