Oil Prices Climb Above $58

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Crude oil prices surged to a record high above $58 a barrel Friday on fears of insufficient gasoline supplies during the high-demand summer driving season in the world’s largest energy consuming nation.


After climbing as high as $58.60 per barrel, light sweet crude for July delivery settled at $58.47, an increase of $1.89 on the New York Mercantile Exchange. That topped the exchange’s previous closing high of $57.27, set April 1. Gasoline futures climbed 4.93 cents to settle at $1.6471 per gallon on Nymex, where heating oil futures rose 2.63 cents to $1.6518 per gallon. In London, Brent crude futures rose $1.75 to settle at $57.87 per barrel on the International Petroleum Exchange.


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