FACTBOX-Why oil prices are near a record high

(Reuters) - Real and threatened disruptions to crude oil supplies, constraints at refineries in consuming countries, resilient global fuel demand and a flow of investor money into oil and other commodities have pushed prices higher.

FUNDS

Investment flows from pension and hedge funds into commodities including oil have resumed in recent months after a hiatus earlier in the year due to concerns about how the global economy was moving.

Investors are also increasing bets that prices will rise.

Speculators in the New York Mercantile Exchange crude oil market boosted net long positions to a record high in the week to July 10, the Commodity Futures Trading Commission said.

Speculative trading in energy markets has surged in recent years as investors sought to beat returns in other markets such as equities and bonds

LESS OPEC OIL

The Organization of the Petroleum Exporting Countries, source of more than a third of the world's oil, is pumping less than in 2006 after agreeing to remove barrels from the market.

OPEC agreed to curb supply by 1.7 million bpd, or about 6 percent, last year in two steps. The second stage took effect from February 1.

Members have made about 1 million bpd of the pledged reduction, according to Reuters estimates. The exporter group is next scheduled to meet in September to decide production policy.

Consumer nations have called on OPEC to pump more crude to help ease prices, but the group's oil ministers insist crude supplies are adequate.

DEMAND

While previous price spikes have been triggered by supply disruptions, demand from nations such as China and the United States is a main driver of the current rally.

Global demand growth has slowed after a surge in 2004, but it is still rising and higher prices have so far had a very limited effect on economic growth.

Analysts say the world is coping well with high nominal prices because adjusted for exchange rates and inflation, they are lower than during previous price spikes and some economies have become less energy intensive.

NIGERIA