Oil hits $40 a barrel over Mideast concern but fears price may go higher

OIL prices have hit a 14-year high of $40 a barrel but economists say they may go higher still.

Economists said the next two weeks will test the oil market. If prices hold then the stress may ease, but any further sign of increase in the price of oil across the globe could signal a further jump to $50, experts in London said.

Uncertainty in the Middle East coupled with concerns over stability in Saudi Arabia are factors pushing prices higher.