Oil Prices Surge

WORLD oil prices rose in London overnight, after making huge gains the previous Friday on expectations of a big rise in petrol, or gasoline, consumption during the long US holiday weekend.

The price of Brent North Sea crude oil for delivery in August gained 36 cents to 57.90 dollars per barrel after finishing 1.96 dollars higher on Friday.

New York’s main contract, light sweet crude for delivery in August, was not being traded Monday owing to the Independence Day holiday. It had surged 2.25 dollars to close at 58.75 dollars per barrel on Friday.

A week ago New York futures struck 60.95 dollars – the highest level since it was first traded in 1983 – on concerns of a possible global supply shortage of distillates, including heating fuel, during the fourth quarter
News.com.au