Tuesday June 28, 2005 
Tuesday June 28, 2005
Oil prices held above $60 a barrel on Tuesday as speculators sought to test the resilience of strong world demand to high prices.
U.S. crude traded 26 cents lower at $60.28 a barrel having set a record $60.95 on Monday when the front-month contract closed above $60 for the first time since trading started in 1983. London Brent eased 33 cents to $58.97 a barrel after hitting a record $59.59 on Monday.
A buying surge by speculative funds has pushed prices up almost by a third since May amid growing fears of a global strain on production and refining capacity, especially in the fourth quarter, when demand for heating oil peaks.
- the telling part, actually, is in the closing statement :
... heightened geopolitical worries weigh heavily on an oil market sensitive to any potential outages since spare production capacity is limited to small unused volumes in Saudi Arabia.
See also :
1. Oil prices - The sky is the limit
2. Oil price hits new record highs
3. Crude oil hits $60 - again
4. $60.00 !!!
(2005-06-28 18:41:39 SGT)
[Energy]
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