Oil prices rose to touch $60 for a second day today, extending a series of record highs that have not reduced strong U.S. energy demand. Light sweet crude for August delivery traded up 10 cents to $59.50 a barrel in midday trading, having touched $60 to match Thursday's record, the highest since the New York Mercantile Exchange began trading it in 1983. In London, benchmark Brent crude rose 7 cents to $58.03 a barrel. Rapidly rising oil consumption in the United States, the world's biggest consumer, threatens to strain oil supplies and refining capacity when demand peaks this winter. The potential for a fourth quarter supply crunch has prompted speculators and hedge funds to bet on new record prices, traders said. Oil at $60 is a gain of about 38 percent since the beginning of the year. But analysts said record high prices have yet to seriously affect global demand, leaving the global supply chain with little spare capacity to deal with any unexpected disruption.
