According to CNN, oil prices hit $60 a barrel Thursday, rallying on U.S. reports showing that ballooning energy costs have yet to dent demand, but settled off record highs.
Analysts said oil was probably headed above $60 sometime soon but noted there also could be profit-taking on the way.
Light sweet crude for August settled up $1.33 at $59.42 on the New York Mercantile Exchange, after briefly touching $60 a barrel, a new front-month contract record.
At $60 a barrel, the August contract broke the old intraday trading record set Tuesday at $59.70 a barrel, the highest since futures trading began in 1983.
The highest closing price for a front-month contract was $59.37 a barrel, hit last Friday.
Best that George gets the corn growers to gas it up and get the bio fuels on line. At this rate I will be paying $3 per gallon to fill up the 325i..... I wouldn't be too keen on having a petrol vehicle in Europe or NZ at this time.....
Maybe BMW will hurry up and bring out the Hydrodgen powered 7 series.....!!!!
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