Oil Reaches Record for 3rd Day on Concern About Iranian Output

Crude oil reached a record in New York for a third straight day, approaching $61 a barrel, as the election of a nationalistic government in Iran raised concern foreign investment may suffer in OPEC’s second-largest producer.

Mahmoud Ahmadinejad, who won the runoff for the Iranian presidency, said yesterday he would favor domestic companies to develop the country’s oil reserves, the world’s second-biggest. He also plans to pursue a nuclear energy program to generate electricity, which may increase tensions with the U.S.