Companies

May 22: Oil races higher

May 22: Oil reached another all time high on Thursday as traders reacted to news that stocks of crude oil in the US had taken an unexpected tumble. Javier Blas, commodities correspondent, tells Richard Edgar that the high price of oil is beginning to take a toll on companies as American Airlines takes drastic action to cut costs. The question now, he says, is how deep the impact will be - and where.