Oil Surges to a Record on Concern Demand Is Outpacing Supply

Crude oil surged to $56.46 a barrel in New York, an all-time high, as a promise of increased output from OPEC failed to ease concern that demand is rising faster than supply.

“There is little OPEC can do to get more on the market,” said John Kilduff, senior vice president of energy risk management with Fimat USA in New York. “OPEC has ended up marginalizing themselves. The increase in quotas only highlights their lack of spare capacity.”