Oil prices reached a historic high point in London and surged in New York following a speech by US President
George Bush on the Middle East.
Brent North Sea crude soared $1.06 to a record $53.15 a barrel in London, while New York futures reached $54.99 a barrel - approaching the record high of $55.67 reached on October 25.
Bush warned Syria to leave Lebanon before the May parliamentary elections there, hailing a 'thaw' he said was melting authoritarian rule throughout the Middle East.
Another factor behind surging oil prices was Royal Dutch/Shell's decision to shut down its platform in the Draugen oilfield, Norway's main producing field, owing to a leak of condensate, a very light type of oil.
