Brent crude oil prices hit US $116 per barrel

COLOMBO (News 1st); Oil prices again rose on Thursday (03), with Brent rising above US$116 a barrel, as trade disruption and shipping issues from Russian sanctions over the Ukraine crisis sparked supply worries while US crude stocks fell to multi-year lows.

The Organization of the Petroleum Exporting Countries and their allies (OPEC+) including Russia have decided to maintain an increase in output by 400,000 barrels per day in March despite the price surge, ignoring the Ukraine crisis during their talks and snubbing calls from consumers for more crude.

Brent crude futures rallied to US$116.83 a barrel, the highest since August 2013. The contract was at US$116.60 a barrel, up US$3.67 by 0112 GMT.

US West Texas Intermediate crude was at US$113.01 a barrel, up US$2.41 after touching a fresh 11-year high of US$113.31 a barrel.