Crude continues to rise on supply fears
The price of crude oil rose again on Monday amid continuing concerns about supply and the lack of refining capacity at refineries worldwide.
The fact that OPEC increased production quotas by 500,000 barrels per day when its members met last week seemed to have no influence on prices.
The OPEC president said that if prices keep rising through the end of the week, he would begin consideration of raising the quotas by yet another 500,000 barrels per day.
However, analysts said that this move would not do anything to stem price rises because there would be no additional refining capacity to handle the extra crude oil.
West Texas Intermediate July contracts rose 58 cents to $59.05 per barrel after advancing to $59.23 for a time in Asian trade.
August WTI was up to $60 per barrel and later contracts were trading between $60 and $61 per barrel in New York.
Brent crude for August was up 59 cents to $58.35 per barrel.