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Tuesday 06th of January 2009
June 27, 2005

Crude trades over 60 dollars


by Brian Turner
Crude trades over 60 dollars

Crude oil prices rose to record highs again on Monday as a new worry was added to already existing concerns over oil supplies with the election of Mahmoud Ahmadi-Nejad as the new president of Iran.

The second-largest oil producer in OPEC, Iran has been having trouble bringing its output to over its current level of 4 million barrels per day. Many experts believe that the only way that Iran’s output will be raised is to use more foreign technology and to seek more investment.

Mr. Ahmadi-Nejad, however, has ruled out any more foreign participation in Iran’s oil industry.

West Texas Intermediate August contracts on the New York Mercantile Exchange went up for the third day in a row, closing at $60.54 after hitting an all-time high of $60.95 at one point during the day. WTI contracts through October 2006 were trading at over $60 per barrel.

In London, on the International Petroleum Exchange, Brent crude was up 94 cents to $59.30 per barrel. It also hit a new high as it briefly reached $59.59 per barrel during the day.

Nymex unleaded gasoline for July also was up, by 1.33 cents to $1.6690 per gallon, while July Nymex heating oil advanced by 2.06 cents to $1.6700 per gallon.

In London, IPE gasoil futures for July went up $8.75 to $532.75 per tonne, less than $10 off its record high of $542 per tonne.

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