Oil prices rise on global supply worries

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Source: CCTV.com | 07-02-2008 08:49

Crude oil prices hit record highs again Tuesday after the International Energy Agency predicted a tight balance between supply and demand.

Oil rigs extract petroleum in the Los Angeles area community of Culver City, California. Crude oil prices hit record highs again Tuesday after the International Energy Agency predicted a tight balance between supply and demand. (AFP/Getty Images/File/David McNew)

Light crude for August delivery hit 143.33 US dollars a barrel before pulling back and settling at 140.97 dollars on the New York Mercantile Exchange. The IEA warns there will be a tight oil market until 2013.

It's blaming market fundamentals for record high prices. The agency says supply constraints, refinery limitations and continued demand growth in emerging markets will maintain pressure in the market over the medium term.

Editor:Du Xiaodan