World Oil Prices Surge to New Record Highs

by VOA

March 17, 2005 Washington - World oil prices soared to all-time highs Thursday in New York and London, as investors bet that rising demand for oil will outstrip supply. The New York price of oil for future delivery went as high as 57 dollars and 50 cents a barrel in early trading Thursday. In London, Brent crude rose to 56 dollars and 15 cents a barrel. The surging oil price came even though the Organization of Petroleum Exporting Countries raised its official production quotas at a meeting in Iran on Wednesday. Analysts say China, India, the United States, and other nations are all seeking additional oil to power their expanding economies, but OPEC has little unused capacity to supply additional crude oil. OPEC supplies about 40 percent of the world's oil.