MARKET WATCH

New York Times: Oil Prices Hit Highest Levels Since the Persian Gulf War

il prices surged yesterday to their highest levels since Iraq invaded Kuwait 12 years ago, buoyed by a combination of cold weather and a weekly government report that showed low inventories of oil and petroleum products.

In New York, crude oil for April delivery rose to $37.93 a barrel during trading yesterday before closing at $37.70, up $1.64, or 4.6 percent.

In after-hours over-the-counter trading, the price surpassed $38 a barrel, traders said, as an already jittery market reacted to reports that North Korea had reactivated a long-dormant nuclear reactor.