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Oil vaults to $41

LONDON, MAY 14. Oil prices vaulted to an all-time high on Friday on fears that disruption to Middle East oil flows may stress world fuel supplies already eroded by heady demand growth in China and the U.S.

U.S. light crude rose 10 cents to a record $41.22 a barrel, its highest in the 21 years since the New York Mercantile Exchange launched the contract. London Brent stood at $38.40, up five cents.

Allowing for inflation, prices are about half those during the oil price shock that followed the 1979 Iranian revolution.

Reuters

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