Oil Rises to Record $66.50 on Concern Supplies are Inadequate

Aug. 12 (Bloomberg) — Crude oil rose to a record for a fifth straight day, touching $66.50 a barrel in New York on speculation that increased fuel demand may outpace production capacity.

“There are concerns that supply is peaking,” said Kyle Cooper, an analyst with Citigroup Inc. in Houston. “Demand is still good and we are having a number of refinery hiccups. There are refinery problems every year but it does appear that they are occurring more frequently than usual.”

Bloomberg.com