The price of crude oil rose to more than $136 a barrel, $3 dollar's shy of a record, today over fears that Saudi Arabia's pledge to increase production would not make up for the amount lost in Nigeria after pipelines in the country were bombed and production halted.

At an emergency summit of the world's oil powers in Saudi Arabia yesterday, the country confirmed well-trailed plans to raise production by 200,000 barrels to 9.7m barrels a day - a 30-year high - at yesterday's emergency summit. ... Read full article