Crude Oil Futures to Hit New High: Chinese Expert

Chinese experts Monday predicted that world’s crude oil futures will hit a new high in that the demand still outpaces capability of producers and refiner alike in the second half of the year.

Crude oil futures hit a record high on Monday in the New York Mercantile Exchange (Nymex), reaching 59.23 US dollars a barrel in Asian trading for the July contract.

It is a rise of 76 cents from Friday’s close, the second straight day setting oil intraday records since it hit 58.60 US dollars a barrel on Friday.

“The tension between oil demand and supply remains the basic reason for this soaring turn,” said Shan Weiguo, director of petroleum economic and technological research center of China National Petroleum Corporation (CNPC), China’s biggest oil producer.
China Daily