Crude surges to $31

FRANKFURT, JUNE 13. World oil prices surged to more than $31 a barrel on Monday, the highest level in three months, on growing uncertainty whether OPEC ministers will decide to increase production at their next meeting in nine days.

Oil prices are significantly higher now than they were in late March, after the Organisation of Petroleum Exporting Countries, which controls nearly half of the global oil supply, decided to raise its official production limit by about 1.7 million barrels a day, or 7 per cent.

In London, Brent crude rose $1.63 a barrel, or 5 per cent, to $31.21. In New York, light sweet crude rose $1.54 a barrel, or 5.1 percent, to $31.74.

- New York Times

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Section  : Business
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