Crude oil prices up on supply worries

Crude oil prices headed into record territory again on Thursday on indications that global demand could test supplies. Demand is especially strong in China, where the government is rebuilding after the destructive May earthquake in Sichuan Province at the same time that it is preparing for the Summer Olympics, set to open in Beijing on 8 August. West Texas Intermediate crude for August delivery ended up $1.72 to $145.29 per barrel on the New York Mercantile Exchange, a new record, after going as high as $145.85 earlier in the session, also a new record. August contracts for Brent crude added $1.84 to $146.10 per barrel after going to a new record at $146.69 per barrel on the ICE Futures Europe exchange in London. Another factor in the price gains included a statement from the Saudi Arabian oil minister that his country will... [read full story]