New York oil price surges to record high after DPRK missile report
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
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
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.