Crude oil has risen to an all-time high during trading in Asia to close at US$86.13 a barrel, up $2.44.

World oil prices fell in Asian trade by 80.89 dollars per barrel in Monday trade today but worries over tight energy supplies limited the drop.

China and Kazakhstan agreed yesterday (August 19) to expand an oil pipeline that will link China to the Caspian Sea.

India's dependency on oil imports is likely increase to about 85 percent by 2012 from the current level of 70 percent, driven by the rising demand for energy, industry body Assocham has said.

Oil prices retreated in early Singapore trade Monday (August 6) as investors took profits after the market's record run last week, dealers said.

Lithuania said it was not afraid that Russia's reduction of gas supplies to Belarus would affect Lithuania.

Oil prices continued lower in Asian trade on profit-taking and an improved outlook for energy supplies, while dealers said that the market would be looking ahead to the weekly report on US stockpiles due on Wednesday.

A consumer advocacy group says Americans are alarmed about the U.S. dependence on oil imports and are worried that oil revenue can be used to fund terrorism. The report comes as Americans express their anger over increasingly high gas prices in the United States.

Kazakhstan will soon start negotiations on joining a planned pipeline that will pump Russian oil to Europe via Bulgaria and Greece in order to increase Caspian oil exports to Europe, the energy minister said.

The 10 members of the Organization of Petroleum Exporting Countries bound by the group's output agreements produced an average 26.57 million barrels of crude oil per day in April, a Platts survey showed May 10.

Oil prices have mixed in Asian trade as market focus shifted from the recent attacks on the oil industry in Nigeria to the weekly US energy inventory data.

A 27% oil recovery rate will help Iran produce 5.2m barrels of oil a day by 2009, the Iranian Planning and Management Institute said.