High crude oil prices could be here to stay

Strong global economy continues to strain limits of production capacity

Oil prices continued to march higher this week, briefly hitting record levels Thursday before easing slightly. And with the global economy demanding more oil every day to fuel rapid growth, and oil producers struggling to expand supplies, the upward pressure on prices shows no signs of letting up.

Futures contracts for light, sweet crude, available for delivery within a month, changed hands on the New York Mercantile Exchange well above $72 a barrel, extending a run that has lifted prices by more than $10 in the past month.

The sources of the upward price pressure are varied. For starters, the world’s thirst for oil seems to be undiminished by rising prices. On the eve of President Hu Jintao