Oil prices this week seen at year’s peak

Updated at: 1244 PST, Saturday, May 23, 2009

SINGAPORE: In the backdrop of expected Opec meeting and U.S. summer vacations, crude prices this week was seen surging to this year’s peak at $60 per barrel. Asian markets Thursday U.S. crude July delivery surging 62 cents wrapped up at $61.67, while London Brent North Sea July delivery traded at $60.78 per barrel, up by 85 cents. Analysts attributed these positive impacts on oil investments to U.S. summer vacations.