Oil Reaches Record $58; OPEC Supply Is Inadequate for Gasoline

Crude oil climbed to a record of more than $58 a barrel on concern that rising output from the Organization of Petroleum Exporting Countries may be inadequate to produce enough gasoline to meet a summer peak in U.S. demand.

On the New York Mercantile Exchange, crude for May delivery rose 78 cents, or 1.4 percent, to $58.05 a barrel at 12:17 p.m. London time, a record in more than two decades of futures trading. Oil has gained 69 percent in the past year.