Crude oil futures hit a historic high of $60 a barrel tonight in New York, as traders worried that strong demand in the coming months may not be satisfied.
The benchmark August contract on the New York Mercantile Exchange traded as high as $60 before easing back slightly to $59.80 a barrel moments later.
The new high broke a record set earlier this week of $59.70 on supply concerns amidst strong demand for energy from China and the US.
In London, the price of Brent North Sea crude oil for delivery in August gained $1.80 to $58.38 a barrel.
Demand for refined crude products is usually the strongest in the second half of the year and has been one reason, along with worries over supply, for high oil prices of late.
