Energy prices riding high

07/04/2005
Crude futures prices continued to test record highs in the wake of the symbolic attempt by the Organization of Petroleum Exporting Countries to deflate energy costs by raising its production quota to match existing output.The July contract for benchmark US light, sweet crudes expired at $58.90/bbl, having gained $3.90 in its last week of trading on the New York Mercantile Exchange. The new near-month August contract closed at a record high of $59.42/bbl on June 23, up by $1.33 for the day after briefly touching $60/bbl as technical trading triggered preset orders during the session. Other monthly contracts also were up, with those through next June settling above $60/bbl.“The broade...
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