Oil prices again surge in international market

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Oil prices again surge in international market

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Experts link surge to G-8 group report.

27 May,2011 12:10 pm

Oil prices reach $100.90 per barrel after an increase of $0.68 per barrel in New York while prices reach $115.27 per barrel in London after an increase of $0.22 per barrel.The prices had, earlier, come down in the current month. Experts link the current surge in prices to a report presented to a session of the G-8 group on the international economic stability.Oil was purchased at huge scale owing to better economic performance in the world and expectation of increase in its demand in the near future.