Oil scales new peak, eyes $60 on demand
Sun Jun 19, 2005 10:23 PM ET
SINGAPORE (Reuters) - Oil prices soared to a new record high over $59 a barrel on Monday, extending last week's surge as a threat against Western consulates in OPEC member Nigeria jolted traders already worried about tight supplies.
Oil prices climbed more than 9 percent, or nearly $5, last week, drawing additional buying interest from trend-following hedge funds as they surpassed the previous early April high.
Just in time for the Monday morning 80 mile plus commute from my neighborhood to NYC.