Oil prices rose Tuesday to a new record above $118 a barrel supported by concerns about crude supplies from some key producers. Light, sweet crude for May delivery rose as high as $118.05 a barrel in electronic trading on the New York Mercantile Exchange, eclipsing Monday's all-time high of $117.83. By midday in Europe, the contract had risen to $117.77, up 29 cents on Monday's close of $117.48 a barrel. Analysts said comments Tuesday by the head of the Organization of Petroleum Exporting Countries about plans to boost oil production target capacity by 5 million barrels a day by 2012 would not have an immediate effect on oil prices. "This is not anything new and it will not help ease oil prices," said Ehsan ul-Haq, head of research at JBC Energy in Vienna, Austria. "The oil futures market is very strong, but the physical markets are not so strong." Vienna AP
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