Oil prices continue surge past $40 benchmark
US light crude climbed to a peak of $40.38 a barrel, less than $1 off the $41.15, all-time high for New York crude futures. That figure was reached in October 1990 following Iraq’s invasion of Kuwait. London Brent crude was up 14 cents to $37.50 a barrel.
Importing nations are increasingly worried about the economic fallout of higher energy costs. The increase has come during the second quarter, when world oil demand is at its lowest seasonal ebb, raising concerns about prices later in the year as demand rises.
