Crude Continues To Cannonball: $59.87

Light sweet crude prices on the July contract continued barrel through price records hitting $59.87 and then closing at $59.37 in trades on Monday. $60 oil seems likely for tomorrow's trading, as U.S. consumers show no signs of decreasing consumption. OPEC says they will consider increasing production by another 500,000 barrels but that's it. Saudi will be officially at full production levels then and all the other OPEC countries run at capacity already. OPEC blames the state of affairs on lack of refining capacity and maintains there is plenty of oil on the market but it's bottlenecked. They've been calling for new refining capacity for sometime.

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