Crude Oil Rises to New Record of $60.46 on Supply Concerns

[NNN0LHI]

http://ap.tbo.com/ap/breaking/MGB4W1K6GAE.html

SINGAPORE (AP) - Crude oil prices jumped to a new high of $60.46 in Asian trading Monday amid concerns that supplies would not meet demand, especially in the United States, the world's largest energy consumer.

After settling at $59.84 a barrel Friday, the front-month August contract crude smashed through the psychologically important $60 barrier in heavy Asian trading on the New York Mercantile Exchange, a jump of 62 cents from Friday's close. In midmorning trading, it had fallen back slightly to $63.43.

Other petroleum products followed crude's rise. Despite a traditional seasonal lull, heating oil was up nearly 2 cents to $1.6690 a gallon while gasoline surged to $1.6623 a gallon.

Nymex crude had briefly touched the $60 mark on several occasions last week before Friday's settlement price, the highest since futures began trading on the exchange in 1983.

[daleo]

1. Stock market fell about 300 points Thurs/Fri

This could continue the tailspin.

[Roland99]

2. Wonder what the winter heating bills are in the Southern Hemisphere?