Oil prices set record highs again yesterday, hitting $59.85 a barrel at one point. Traders seem poised to knock $60 a barrel down and leave it in the dust as contracts from the 4th quarter cracked $61. The big question many are asking is what price can the market actually support. OPEC suggested they would raise production another 500,000 barrels but that additional supply would come exclusively from Saudi. After that total, there will be no additional oil on the market until August as the new pipeline from the Caspian Sea reaches 1 million barrels a day.
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