Oil price shoots to new record US$47.20

Oil price shoots to new record US$47.20

Oil prices surged to a new high above $47 a barrel on Wednesday on evidence from major economies that energy costs are not substantially slowing the economic growth that fuels oil demand. Fresh threats by rebel militia in Iraq against oil facilities helped underpin price gains. U.S. light crude rose 45 U.S. cents to a record US$47.20 a barrel after a 93-cent jump on Tuesday. London Brent rose 26 cents to $43.25 a barrel. U.S. oil has set all-time highs in all but one of the last 14 trading sessions and is up $10 a barrel, 27 percent, since the end of June. --Reuters