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Crude tops $70/bbl on NYMEX
07/09/2007
The August contract for benchmark US light, sweet crudes pushed past $70/bbl June 29 on the New York Mercantile Exchange to its highest level in 10 months due to declines in US gasoline and distillate fuel supplies despite an increase in refining capacity.That same contract traded as high as $70.52/bbl June 28 on NYMEX before closing at $69.57/bbl, up 60¢ for the day. On June 29, it climbed as high as $71.68/bbl in intraday trading before closing at $70.68/bbl. It was the first time a front-month crude contract closed above the psychological $70/bbl mark since August 2006.“Crude oil has now been able to confirm a break out of the $70/bbl barrier that was keeping it in check sin...
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