Oil tops $60 in New York

in the early hours of May 13, Beijing time, the main crude oil futures contract in the New York market closed slightly higher, the intraday oil price briefly exceeded $60 per barrelChina's latest statistics show that imports of crude oil rose 14 per cent in April from a year earlierIn addition, the fall in the dollar has also contributed to the rise in oil pricesJune crude rose 35 cents, or 0.6 percent, to $58.85 on the New York Mercantile Exchange as of 2:30 p.mEst Ed It on Tuesday .30 am BSTThe volatility was more volatile today, with the June contract rising 2.7 per cent to a six-month high of $60.08 in early trading and falling to $57.81 in the afternoonoil prices are now up more than 70 per cent from their recent low of less than $34 in mid-FebruaryOil prices have risen more than 30% so far this yearSome analysts point to the recent rebound in oil prices that could be reversed on the basis that demand remains weak"While China's import figures are good for crude oil prices, we cannot ignore the fundamentalreals: demand for crude oil is still falling and supply is growing," said Tariq Zahir, senior executive at Tyche Capital Advisors, a futures tradertomorrow morning, the U.SEnergy Information Administration (EIA) will release last week's oil inventory reportAnalysts at Platts, an energy information provider, expect inventories of various petroleum products to grow across the board, with crude inventories rising by 1.4 million barrels a month, gasoline inventories climbing by 400,000 barrels and distillate inventories, including diesel and heating oil, up 1 million barrelsIn the week ended May 1, U.Scrude inventories, excluding strategic reserves, rose to more than 375 million barrels, the highest level since September 1990, thesaid in a previous reporttoday released a monthly forecast report from the EIA, which forecasts a 1.8 million bpd reduction in world oil demand in 2009 That's 400,000 bpd higher than EIA's forecast last month 　　The EIA also said it expects oil prices to remain broadly flat for the rest of the year, with an average price of about $55 a barrel supply-side update, platts reported an increase in production from the Organization of the Petroleum Exporting Countries (OPEC) in April, the first increase since August 2008 OPEC controls about a third of the world's oil supply in the early hours of May 13, Beijing time, the main crude oil futures contract in the New York market closed slightly higher, the intraday oil price briefly exceeded $60 per barrel China's latest statistics show that imports of crude oil rose 14 per cent in April from a year earlier In addition, the fall in the dollar has also contributed to the rise in oil prices June crude rose 35 cents, or 0.6 percent, to $58.85 on the New York Mercantile Exchange as of 2:30 p.m Est Ed It on Tuesday .30 am BST The volatility was more volatile today, with the June contract rising 2.7 per cent to a six-month high of $60.08 in early trading and falling to $57.81 in the afternoon oil prices are now up more than 70 per cent from their recent low of less than $34 in mid-February Oil prices have risen more than 30% so far this year Some analysts point to the recent rebound in oil prices that could be reversed on the basis that demand remains weak "While China's import figures are good for crude oil prices, we cannot ignore the fundamentalreals: demand for crude oil is still falling and supply is growing," said Tariq Zahir, senior executive at Tyche Capital Advisors, a futures trader tomorrow morning, the U.S Energy Information Administration (EIA) will release last week's oil inventory report Analysts at Platts, an energy information provider, expect inventories of various petroleum products to grow across the board, with crude inventories rising by 1.4 million barrels a month, gasoline inventories climbing by 400,000 barrels and distillate inventories, including diesel and heating oil, up 1 million barrels In the week ended May 1, U.S crude inventories, excluding strategic reserves, rose to more than 375 million barrels, the highest level since September 1990, the said in a previous report today released a monthly forecast report from the EIA, which forecasts a 1.8 million bpd reduction in world oil demand in 2009 That's 400,000 bpd higher than EIA's forecast last month 　　The EIA also said it expects oil prices to remain broadly flat for the rest of the year, with an average price of about $55 a barrel supply-side update, platts reported an increase in production from the Organization of the Petroleum Exporting Countries (OPEC) in April, the first increase since August 2008 OPEC controls about a third of the world's oil supply (name)