New York oil price surges to record high after DPRK missile report

New York crude oil price surged to record high Wednesday amid fears over the tensions caused by the reported missile test-firing by the Democratic People's Republic of Korea (DPRK).

New York's main contract, light sweet crude for delivery in August, leapt 1.26 dollars to a record closing high of 75.19 dollars a barrel. Prices rose as high as 75.40 dollars a barrel, an all-time intraday record.

Brent North Sea crude for August delivery jumped 1.46 dollars to 73.98 dollars per barrel in closing trades in London on Wednesday after an intraday high of 74.22 dollars.

The United Nations Security Council met Wednesday for an emergency meeting to discuss the missile tests by DPRK.

Pyongyang has remained silent so far over the reports.

Source: Xinhua