World oil prices sustain record push

THE misery continued for motorists and policymakers yesterday as world oil prices continued their record-breaking rise and a leading industry watchdog warned demand was increasing more quickly than expected.

Trading on New York’s Nymex exchange took oil prices past the $54 watermark yesterday, reaching an all-time high of $54.45. London’s benchmark Brent crude tipped over $51 for the first time, reaching $51.50 in late trading.

Oil prices have soared almost 70% so far this year. Some analysts warned they were now within striking distance of $60, a once-unthinkable level that would mark a doubling of prices in less than a year.