Oil prices rise above $141/bbl after OPEC comments

(AFX News) -- Oil prices jumped beyond $141 dollars a barrel on Tuesday after the president of OPEC said there was uncertainty surrounding future investment in facilities to boost crude output.

New York's main oil contract, light sweet crude for August delivery, was up $1.85 at $141.85 a barrel at 10:08 a.m. Brent North Sea oil for August delivery climbed $2.15 dollars to $141.98 a barrel.

On Monday, crude futures had struck record high levels close to $144, as the U.S. currency remained weak against the euro, traders said. Brent soared to an all-time high of $143.91 and New York crude to a historic peak of $143.67.

On Tuesday the president of OPEC, Chakib Khelil, said the oil producer cartel had concerns about future demand, which led to uncertainty about investment in capacity to increase production.

"The concern we have is about the security of demand," Khelil, who is also Algeria's energy minister, told an energy conference in Madrid.

He told the World Petroleum Congress that there were "big uncertainties" about making huge investments in infrastructure to increase output from members of the Organization of Petroleum Exporting Countries, which pump about 40 percent of world oil.