Oil prices have slipped back from record levels, narrowly avoiding a breach of the $50 a barrel mark. Fresh violence in Iraq triggered yet another oil price surge on Friday, before dealers starting taking profits. New York light crude rose as high as $49.40 after reports of a new attack on an Iraqi oil pipeline,

Fresh violence in Iraq has seen oil prices surge to new records, nearing $50 a barrel. New York light crude reached $49.27 a barrel for the first time in European trading, following reports of a new attack on an Iraqi oil pipeline. Purnomo Yusgiantoro, president of oil cartel Opec, told reporters he was concerned about