New York Oil Rises Above $55 on Signs Use Will Outpace Supply

Crude oil surged above $55 a barrel in New York, less than $1 short of a record, and reached a record in London on speculation that increasing consumption will outpace production this year.

“Demand is still growing, particularly in China, and there is only a finite supply of oil out there,” said Tom Bentz, an oil broker at BNP Paribas Commodity Futures Inc. in New York.