barrel

Oil prices soared on Friday wiping away the previous record of $58.28 set back in early April. Trading on the July contact settled in at $58.47 and since trends don't show signs of slowing, most experts expect the $60 a barrel mark shortly, maybe even next week.

Consumers cringed in fear today as oil prices skyrocketed almost two dollars today. After hitting the $58.60 mark, it settled down to $58.47 for the contract set for July delivery. The previous record was set back in April at $58.28. It won't stop there.

Oil Prices continue into the $55 range today after OPEC expressed concern for output levels. Right now, OPEC is pumping at production capacity with little room if any to produce more light sweet crudes.

Following the weekly report on crude inventories from the Energy Information Administration, prices for New York's July contract on light sweet crude took off past $55 after opening at $53.30.

Light sweet crude kicked it up a notch when the U.S. Dept. of Energy (DOE) reported a drop in crude inventories for only the second time in last 3 months. Futures traded as high as $51.65 in New York on midday ticks. North Sea Brent crude was also trading up over a dollar at 50.15.

Light sweet crude for the June contract came up short this today settling below $47 and $46.92 a barrel. The prices continued to drop after yesterday's report from the U.S. Dept of Energy saying U.S. inventories continued to climb for 13 of the last 14 weeks.

Light sweet crude prices continue to climb hitting $52.30 a barrel in midday trading amid speculation OPEC won't be able to keep with rising oil demand in second half of the year.

Light crude oil prices slammed down to one of the biggest single-day drops recent weeks going down to $51.50 before settling up back slightly to $51.61 down $2.59 for the day.