Reuters Oil Surges to New Highs on Security Fears Wednesday May 5, 3:35 pm ET By Richard Mably LONDON (Reuters) - Oil prices surged again on Wednesday, setting fresh 13-year highs, on worries about Middle East supply security and fears for summer gasoline shortages in the United States. U.S. light crude (CLc1) closed 59 cents or 1.5 percent higher at $39.57 a barrel, its highest settlement price since ending at $39.69 on Oct. 12, 1990, two months after Iraq invaded Kuwait in the crisis that led to the first Gulf War. ADVERTISEMENT The contract traded as high as $39.74, the...
