THE NEW YORK TIMES: Crude Oil Surges to Record $59.18
By THE ASSOCIATED PRESS
Published: June 20, 2005
Filed at 4:35 a.m. ET
SINGAPORE (AP) — Crude oil futures hit a record high Monday, reaching $59.18 a barrel in Asian trading on concerns that demand will outpace refineries’ ability to produce diesel and gasoline in the second half of the year.
The kidnapping last week of six oil workers in Nigeria, Africa’s largest producer, also contributed to the commodity’s rise.
Nymex crude for the July contract reached the mark early afternoon in Singapore, a rise of 71 cents from Friday’s close, the second straight day oil has set intraday records. After reaching the high, it fell back slightly to $59.02 a barrel.