August 5, 2005 5:00 PM, EDT

Crude Oil Closes Above $62 a Barrel For First Time

Click here to write a Letter to the Editor.

rude oil closed above $62 a barrel for the first time Friday, setting the third closing-price record this week, Bloomberg reported.

Traders were concerned that fuel demand will outstrip supplies as the U.S. economy accelerates, leaving little cushion if any hurricanes or refinery accidents crimp production, Bloomberg said.

Benchmark light sweet crude oil futures finished the week trading at $62.31 a barrel on the New York Mercantile Exchange, up 93 cents from Thursday’s close.

Prices had hit $62.40 earlier Friday, just a dime off the all-time intraday high set Wednesday, Bloomberg reported.

It’s been a record week for crude, with prices setting an intraday high on Monday ($62.20) before being topped on Wednesday ($62.50) for an all-time high. Closing prices set records Monday ($61.57) and Tuesday ($61.89) before Friday’s record.

Oil prices are 40% above this time last year, Bloomberg said.

The Department of Energy will report retail fuel prices Monday in its weekly report and is scheduled to release its monthly short-term energy outlook report on Tuesday.

(Click here for previous coverage.)