Crude Oil Rises to Record Amid Concern Output Won't Meet Demand

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http://quote.bloomberg.com/apps/news?pid=10000006&sid=a6j2S47RZuw8&refer=home

Crude Oil Rises to Record Amid Concern Output Won't Meet Demand
June 27 (Bloomberg) -- Crude oil rose to a record in New York on concern that oil producers and refiners will strain to boost output to meet surging demand for fuel.

Iran and other OPEC members are pumping oil at ``the highest possible level'' and can't increase production to meet rising global consumption, Iranian Central Bank Governor Ebrahim Sheibany said yesterday.

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Crude oil for August delivery rose as much as 63 cents, or 1.1 percent, to $60.47 a barrel in after-hours electronic trading on the New York Mercantile Exchange. It traded at $60.40 a barrel at 11:41 a.m. Sydney time.

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Oil prices could rise to $100 a barrel in New York if instability continues in producing countries such as Iraq and Nigeria, Algerian Oil Minister Chakib Khelil said, according to the Arabic-language Saudi newspaper Okaz on June 25. Political instability will have an impact on oil output even if OPEC boosts its capacity in the next two to three years, Khelil said.

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