Oil-Prices
Oil prices have hit a record high approaching $128 a barrel on speculation that China will need to import more fuel, stretching supplies.

With more energy needed to rebuild areas devastated by the earthquake this week, US light sweet crude hit $127.82 a barrel before falling to $126.29.

As the oil price rose, pressure from congress prompted the Bush administration to decide to cease renewing a critical governmental oil stockpile on Friday, in order to boost supplies.

The move by the US Energy Department follows legislation stipulating that emergency stocks should not be replenished until the price of crude oil is less than $75 per barrel.

The Bush administration has also been urging Saudi Arabia to increase output.

The US has already agreed to help protect Saudi Arabia's oil infrastructure from terrorists and help to produce nuclear energy.