Oil price passes old benchmark

Oil prices shot past a record $47.50 a barrel this week, analysts blaming China and India for pushing up demand. US light crude climbed 28 US cents to US$47.56 a barrel; London Brent rose 27 cents, to $43.30 a barrel. Chinese imports have jumped 40% this year over the same period in 2003 and China's refineries have processed 17.2% more crude so far this year than in the same period last year, according to the National Bureau of Statistics. Indian Oil Corp, India's top refiner, said it anticipated crude oil imports to rise by 11%. The United States still consumes roughly a quarter of world supply and demand there is up 3.5% this year over last, adding further to price pressures.