Crude oil prices surge in London and New York to erase declines

[LONDON] Crude oil surged above US$50 a barrel in New York and exceeded US$55 in London.

West Texas Intermediate traded as high as US$50.56, erasing an earlier decline of 3.3 per cent. Brent traded as high as US$55.62 after slumping 3 per cent earlier.

BLOOMBERG