Oil: NY Keeps Hitting Records, London Cool-headed

Tuesday US oil prices hit a fresh record of $44.99 a barrel, after the Iraq?s oil firm Southern Oil suspension of pumping to the Basra terminal as saboteurs of Shiite Muslim group threatened to sabotage operations by the company, compounding fears that tight global supplies may be inadequate to meet demand.

US light crude rose to $44.99 a barrel at the NYMEX, while London?s Brent crude futures for September delivery lost 15 cents to $41.41 a barrel, compared with Monday?s settlement at $41.56.