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Oil hits record high
- Thursday, August 02 - 2007 at 06:51
US crude prices surged to a record high of $78.77 a barrel on Wednesday after the US Department of Energy reported that US crude stocks sank by 6.5m barrels in the week ended July 27, AFP reported. Analysts were 'surprised' by the extent of the drop in inventories. New York and London oil has increased by around $12 a barrel in the past two months.
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James McInerney, News EditorThursday, August 02 - 2007 at 06:51 UAE local time (GMT+4)
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