Crude Oil Rises to New High of $60.47

[Bluebear]

By EN-LAI YEOH
Associated Press Writer

SINGAPORE (AP) -- Crude oil prices jumped to a new high of $60.47 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 63 cents from Friday's close. In mid-afternoon trading, it slipped back slightly to $60.37.

Other petroleum products followed crude's rise. Despite a traditional seasonal lull, heating oil was up nearly more than 2 cents to $1.6725 a gallon while gasoline surged to $1.6715 a gallon.

http://hosted.ap.org/dynamic/stories/O/OIL_PRICES?SITE=NVLAS&SECTION=HOME&TEMPLATE=DEFAULT

[ClintonTyree]

1. How will the Market react to this news?

Wall Street took a whopping tumble last week on bad news about oil prices, I wonder how this week is going to start out? Will we reach the once unthinkable price of $70 a barrel soon? The bush "economic miracle" would take another clout to the head if it were to break that barrier.