Oil rises to record above $113
'Pakistan Times' Wire Service

NEW YORK: Crude oil rose to a record above $113 a barrel in New York on supply disruptions in Nigeria and Mexico and rising fuel demand in China.
Oil climbed to $113.66 a barrel on the New York Mercantile Exchange, the highest since futures began trading in 1983.

Mexico, the U.S.’s third-largest crude supplier, shut its fourth export terminal yesterday, while Eni SpA halted output in Nigeria. China said today diesel imports surged 49 percent in March.

Crude oil for May traded at $113.40 a barrel, up $1.64, at 1:15 p.m. in London. Prices have gained 78 percent in a year and yesterday rose $1.62 to settle at $111.76, the highest close.●