Crude oil price soars to new high

There are renewed fears today that petrol pump prices will have to rise after the cost of crude oil hit a fresh record.

Pump prices in central London are about 85p a litre, but peaked at ?1 in some London garages shortly after the oil price last touched records in August.

The latest rise in the cost of crude, to $45.76 for a barrel of Brent, comes amid continuing violence in the Middle East and oil-rich Nigeria, as well as disruption caused by hurricanes in America - just as demand traditionally rises as buyers stock up on winter heating oil.