TOKYO -- Global financial markets face growing distress as crude oil prices surge, with investors concerned that moves by central banks to combat inflation will dampen growth.
U.S. benchmark futures for West Texas Intermediate crossed $90 per barrel in New York on Thursday before topping $93 at one point Friday -- the highest level in over seven years. Benchmark contracts for North Sea Brent also hit an almost seven-and-a-half-year high of over $93 per barrel in London. Some market watchers expect prices eventually to surpass $100.
