Increasing Petroleum Prices Raise Concerns

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LONDON (AP) -- Petroleum prices surged Wednesday to the highest levels seen since the Gulf War, raising concerns about worsening inflation and a possible threat to the economies of poor, oil- importing nations.

Prices turned lower later in the day for North Sea Brent oil but continued a rally for the U.S. benchmark West Texas Intermediate crude.

The rebound in oil reflects signs that OPEC is planning to extend production limits as well as a cold snap in the northeastern United States that stoked demand for heating oil and natural gas. Industry analysts said that even though crude oil prices have more than doubled in the past year, countries dependent on imported …