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Crude oil rises to new high of US$60.47 - ASHARQ AL-AWSAT English Archive
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Singapore, — Crude oil prices jumped to a new high of

US$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 US$59.84 a barrel Friday, the front-month August contract crude smashed through the psychologically important US$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 was at US$60.37.

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

On London”s International Petroleum Exchange, August Brent

was up 44 cents to US$58.80 a barrel.

Nymex crude had briefly touched the US$60 mark on several occasions last week before Friday”s settlement price, the highest since futures began trading on the exchange in 1983, according to a report of the Associated Press.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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