Oil soars to record high
Oil prices shot up to a record high of $58.60 (U.S.) a barrel Friday, extending a week-long rally driven by what one analyst described as irrational fear that global demand is outpacing supply.
Crude oil for July delivery jumped on the New York Mercantile Exchange to the highest intraday level since futures began trading. They finished up $1.89 at $58.47 a barrel, also the highest close on record. The previous intraday high of $58.28 was set on April 4 and the previous closing high of $57.27 on April 1.
Crude oil for July delivery jumped on the New York Mercantile Exchange to the highest intraday level since futures began trading. They finished up $1.89 at $58.47 a barrel, also the highest close on record. The previous intraday high of $58.28 was set on April 4 and the previous closing high of $57.27 on April 1.
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