oil expected to hit $70 a barrel this month....get wood stoves now [View All]

[ElsewheresDaughter]

http://www.cbsnews.com/stories/2005/08/12/ap/business/mainD8BU7HPO0.shtml

(AP) Crude-oil prices again soared to new highs before retreating a bit Friday, climbing past $66 a barrel as reports of new U.S. refinery outages rekindled fears that gasoline supplies in the world's biggest consumer would struggle to meet rising demand.

A spate of refinery glitches, an unusually active hurricane season in the U.S. and concerns over Iran's decision to resume uranium conversion activities weighed heavily on people's minds, pushing prices upward, analysts said.

With bullish sentiment unabated and crude prices hitting five consecutive highs in just as many days this week, analysts expect front-month crude contracts to test the $70 a barrel threshold.