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Oil Prices Climb Above $60 Per Barrel

After climbing as high as $60.95 per barrel, an intraday record, the front-month August contract for crude rose 70 cents to close at $60.54 a barrel on the New York Mercantile Exchange. It was the highest settlement on record at Nymex, where crude futures began trading in 1983. The previous settlement high was $59.84 a barrel, set Friday.
Adjusted for inflation, prices peaked in 1980 above $90 a barrel.
Other petroleum products followed crude's rise.
Heating oil futures, which serve as a proxy for all distilate fuels, including jet fuel and diesel, rose by more than 3 cents to $1.68 a gallon. Gasoline futures surged 2.5 cents to $1.68 a gallon.
"The psychology of the market is that once $60 is breached, then there is tendency to test how much higher it can go, or how long $60 can be sustained," said Victor Shum, petroleum analyst at Texas-headquartered energy consultants Purvin & Gertz in Singapore.
"These high prices really have not significantly dented demand, particularly in the United States market," said Shum. "U.S. refineries in the past week have been running very full at 96, 97 percent."

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