Crude Oil is in Rally.

Oil prices surged above 77 usd in London after British energy giant BP began shutting down production in an Alaskan oil field that produces about 8 pct of US crude and as geopolitical tensions in the Middle East kept traders on edge.

At 12:14 GMT, September-dated Brent contracts were up 1.21 usd at 77.41 usd, after touching a high of 77.73 usd earlier.

Meanwhile, August-dated US light crude futures were up 1.64 usd at 76.40 usd.