World oil prices increased again today after the pledge from the world's biggest oil exporter, Saudi Arabia, to raise production was unable to quell supply concerns following reports of fresh attacks on a pipeline on Nigeria.

Crude oil rose to more than $136.60 (£69.26) a barrel in New York despite Saudi Arabia saying at an emergency meeting of oil producing and consuming countries in Jeddah over the weekend that it will raise daily crude output by 200,000 barrels to 9.7 million barrels next month, and committed to pumping more if needed.

Market analysts suggested the rise in production was insufficient, saying production had to rise to at least 500,000 barrels. ... Read full article