Leslie Turk

Oil hits 6-month high

by Leslie Turk

Lafayette's oil patch can rest a little easier — at least this week — as oil fetched $64.19 a barrel earlier today, the highest in six months. Additionally, benchmark crude for July delivery rose 77 cents, to $64.22 a barrel, on the New York Mercantile Exchange. The uptick comes as government reports show that consumers are spending money and fewer people are requesting first-time unemployment benefits, the AP noted.

The AP also is reporting that OPEC oil ministers appear poised to let a recovering world economy lift crude prices instead of trying to bolster them by cutting production. Read that story here.