Oil Jumps to Record $58.60 as Demand May Outpace Production

June 17 (Bloomberg) — Crude oil in New York surged to a record $58.60 a barrel on signs producers will struggle to meet growing fuel demand during the second half of the year.

“There is a lot of fear and hype about the possibility of us running out of oil,” said Kyle Cooper, an analyst with Citigroup Inc. in Houston. “There is no question that the market is going to $60.”