Crude Crunch: Oil reaches $60 mark twice
NEW YORK, (June 24, 2005) — Oil prices keep hitting record highs as the cost for crude climbed to $60 US this morning for the second straight day.
Today’s $60 mark matched Thursday’s record — — the highest since the New York Mercantile Exchange began trading it in 1983, Reuters reports.
Rapidly rising consumption in the U.S. threatens to strain oil supplies and refining capacity when demand peaks this winter, the news service reports.
The $60 price equates to a gain of about 38 percent since the start of the year. But analysts said skyrocketing prices have yet to rein in global demand.
Government data on Wednesday showed a fall last week in crude oil stockpiles as refineries worked at close to full throttle to meet soaring demand.
The Organization of Petroleum Exporting Countries (OPEC) says its members are already running near capacity and are powerless to cap crude’s price climb.
— from Reuters
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