US crude oil prices at 13-year high

US crude oil prices reached their highest level since 1990 yesterday, as ongoing global terrorism fears continue to put an upward pressure on the market.

Today London Brent stood 18 cents lower at $33.35 a barrel while US light crude was trading at $38.13, close to yesterday evening's $38.35, marking the highest closing price in 13 years.

Yesterday's record-breaking run was sparked by US government data showing gasoline stocks fell last week by 800,000 barrels to stand 5% below the five-year average.

The data also showed crude stocks, which dropped to near three-decade lows during the winter, rise to 1.6m barrels.

Earlier this week William Ramsay, the deputy executive director of the International Energy Agency, said oil prices were at a 'shocking' level.