Crude Over $60 on Supply Worries

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Oil prices settled at a record high above $60 a barrel on Monday amid concerns that supplies would not meet U.S. demand.


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.


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