Oil Closes Above $60

S&P MARKETSCOPE: August WTI crude oil futures rose 70 cents to a 23-year high $60.54 in carryover of last week's rally based on strong demand. September, October, November, and December WTI crude oil futures all closed above $61 and December at $62.09. Speculators ignored fundamental risk that OPEC, which increased quota by 500,000 barrels a day at its June 15 meeting, may decide on a further output hike by the end of the week.

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