OIL

Reuters: Oil Prices Hit $40 for First Time Since Gulf War

LONDON (Reuters) - Oil prices hit $40 a barrel for the first time in 13 years on Friday on concerns over global supply security, fostering fears that economic growth could suffer.

U.S. light crude hit a high of $40, the highest level since October 1990 after Iraq invaded Kuwait in the crisis that led to the Gulf War. London Brent rose 52 cents to $37.05.