Signup for our free newsletter:

Oil Prices Surge Above $71

Written By Luke Burgess

Posted June 10, 2009


Crude oil for July delivery surged to $71.65 per barrel this morning as an unexpectedly large decline in U.S. oil inventories confirmed that supplies are beginning to tighten.

Light, sweet crude traded nearly $1 higher this morning on the New York Mercantile Exchange at set a year-to-date high. Oil prices have increased 70% since hitting a low of $42.19 in February.