$60 A Barrel: Where To Now?

August contract sweet crude traded up to a record $60 a barrel in trading today as the world begins to ponder where oil goes next. Some predict an oil bubble bursting but with countries like China pegged to increase its consumption the U.S. increasing consumption significantly over this time last year when prices were cheaper, no one knows exactly where this will stop. The primary concern blasting up prices remains supply. Traders are terrified supplies won't hold up under the increased demand and they've got some ammunition to back up their concerns. Even the U.S. maintains decades high inventories, consumption of distillate fuels and gasoline continue to climb.

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