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New York oil price surges to record high after DPRK missile report
6/7/2006 14:53

New York crude oil price surged to record high yesterday amid fears over the tensions caused by the reported missile test-firing by the Democratic People's Republic of Korea (DPRK).
New York's main contract, light sweet crude for delivery in August, leapt US$1.26 to a record closing high of US$75.19 a barrel. Prices rose as high as US$75.40 a barrel, an all-time intraday record.
Brent North Sea crude for August delivery jumped US$1.46 to US$73.98 per barrel in closing trades in London on Wednesday after an intraday high of US$74.22.
The United Nations Security Council met Wednesday for an emergency meeting to discuss the missile tests by DPRK.
Pyongyang has remained silent so far over the reports.