Crude futures top $75/bbl

07/17/2006
The front-month crude contract jumped to record highs above $75/bbl as the New York market reopened July 5 after the US Independence Day holiday amid rising demand for oil in the US and China and fears of supply disruptions in the Middle East, Nigeria, and the Gulf of Mexico.The August contract for US sweet, light crudes closed at a record high of $75.19/bbl after trading at an all-time high of $75.40/bbl for a front-month contact during the July 5 session on the New York Mercantile Exchange. The closing price dipped to $75.14/bbl July 6 after the Energy Information Administration reported US crude inventories dropped 2.4 million bbl to 341.3 million bbl in the week ended June 30. However...
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