Oil prices strike historic high

World oil prices hit record levels on Wednesday in London and New York on heightened supply concerns and ahead of crucial US stockpiles data that was expected to show lower crude and gasoline reserves.

Expectations of falling stockpiles in the United States, the world’s biggest oil consumer, have added to concerns about tight supply, especially going into the northern hemisphere winter, dealers said. New York’s main contract, light sweet crude for delivery in September, gained 37 cents to 62.26 dollars per barrel in electronic dealing after earlier hitting a record 62.31 dollars.

The News International