Oil reached a new record high on Thursday of above a barrel, fueled in part by the vast US demand for gasoline and the escalating crises in Iran and North Korea.
Oil prices have jumped over a barrel in the past two weeks as residual tension about the Iranian nuclear crisis and North Korea's missile testing registered on the market.
On Wednesday US crude climbed to a new record of .40 a barrel. London Brent crude lost 36 cents to reach .62 a barrel, down from its May high of .99.
North Korea test-fired seven missiles Wednesday morning, including one long-range Taepodong-2 missile. These developments coupled with global anxiety over oil-producing Iran were a double punch to the already inflated market.
Iran postponed a planned meeting on Wednesday with the European Union to discuss an incentive package that would halt its uranium enrichment program. The meeting has been rescheduled for Thursday the 6th and July 11 in Brussels.
Agencies
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