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Article: Oil prices in New York rise toward $57 a barrel
- Article from:
- AP Worldstream
- Article date:
- June 16, 2005
- Author:
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BRAD FOSS, AP Business Writer
AP Worldstream
06-16-2005
Dateline: WASHINGTON
Oil prices climbed by $1 a barrel to a 10-week high on Thursday as concerns about strong demand for gasoline dominated the market's psychology.
Traders dismissed OPEC's decision on Wednesday to increase its output quota by 500,000 barrels a day, saying the higher production target was already being exceeded at a time when producing nations are eager to profit from high prices.
Light sweet crude for July delivery rose $1.01 to settle at $56.58 a barrel on the New York Mercantile Exchange.
On the International Petroleum Exchange in London, August Brent gained 92 cents to $56.12 a barrel.
While oil prices are roughly $35 ...