Crude oil hits new high of 59.70 dollars

NEW YORK, June 21 (AFP) - Crude oil surged to a new record of 59.70 dollars a barrel Tuesday, topping the all-time high of 59.52 dollars reached here the day before.
The market reversed earlier losses to resume its upward march a day before the US Department of Energy releases closely watched weekly figures for crude oil inventories in the United States.
"With crude oil on the edge of 60 dollars, a number of factors could be the catalyst to send prices trading well above that level -- not the least of which is Wednesday`s supply numbers," said Kevin Kerr, president of Kerr Trading International.

06/21/2005 17:34 GMT