Oil at $150 ‘may be the tipping point’

Oil price hawk and major exporter Venezuela said at the weekend there was no evidence that record crude values were hurting demand despite economists’ predictions that the cost could dent demand and trigger a sharp price fall. Venezuelan Oil Minister Rafael Ramirez reiterated the Organisation of Petroleum Exporting Countries (Opec ) member’s position that oil markets were well supplied. The comments come as oil continues to set new records, with oil surging to within a whisker of $143 on Friday. US crude settled $0,57 higher at $140,21 a barrel, falling back from a record $142,99 hit earlier. London Brent crude settled up $0,48 at $140,31 a barrel.