Oil Prices Break $67 For First Time

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The price crude oil briefly topped $67 a barrel in trading on the New York Mercantile Exchange, Bloomberg News reported Friday.

The price rose to $67.10 a barrel around midday before slipping back to $66.75 moments later.

Overnight, the price rose above $66 for the first time. Prices have risen 45% in 2005, Bloomberg said.

A report by the International Energy Agency Thursday said that worldwide oil consumption would rise 2%, or 1.6 million barrels, for the rest of this year.

Analysts told Bloomberg that they expect the price of oil to keep rising in the coming weeks.

Crude oil prices are a major component in the price of refined fuels like diesel or gasoline. The prices of both fuels have risen sharply so far in 2005 and are currently at or near all-time highs.