Oil prices touch $77 per barrel

Opec says a lack of petrol refineries is to blame for price pressures

Global oil prices have briefly touched above $77 a barrel, an 11-month high, lifted by supply concerns in the US and large buys by speculators.

In Thursday trading, London's Brent crude, seen as the best indicator of global prices, climbed as high as $77.07 before falling back to $75.93.

Analysts said large oil purchases were being made by hedge and pension funds after US data showed low stockpiles.

US crude rose $1 before falling 32 cents to $72.24.

It is not known whether oil producers' cartel Opec will respond to the latest price rises.

Saudi Arabi, a key Opec member and the world's largest oil producer, said on Wednesday that it was sticking with plans to cut supplies from next month.

Opec has said that recent high prices are being caused by insufficient global refining capacity and continuing violence in Nigeria, rather than a lack of supply on their part.