World oil prices set fresh 13-year highs on Thursday, edging towards $40 a barrel for US crude, stoked by worries about summer gasoline shortages in the US and fears over possible sabotage attacks on oil facilities in the West Asia.US light crude hit $39.84 a barrel, up 27 cents from Wednesday’s $39.57 a barrel close, the highest settle on the New York Mercantile Exchange for 13 years. London Brent rose 28 cents to $37.00, also a 13-year high. Prices have risen seven percent this week.‘‘I think we’re going to have a four in front of the oil price very soon. It’s certainly ugly,’’ said D. Thurtell, commodities strategist at Commonwealth Bank of Australia in Sydney.Worries over West Asian supply security, low US Gasoline stocks and rampant demand growth in China have driven US crude prices towards the all-time record of $41.15 reached in October 1990 after Iraq invaded Kuwait. Tetsu Emori, chief commodities strategist at Mitsui Bussan Futures in Tokyo, forecast that crude was likely to push up to $43-$45 a barrel by mid-year. Prices spiked close to $40 during intra-day trading in February 2003 as US-led forces prepared to attack Iraq.Gasoline demand in the US over the past four weeks of 9.1 million barrels a day has beaten expectations, rising by 3.4 pc versus the same period last year and keeping stocks of motor fuel well below five-year average levels. —(Reuters)
