Within a dollar of the all-time high. From Bloomberg:
Crude oil surged above $55 a barrel in New York, less than $1 short of a record, and reached a record in London on speculation that increasing consumption will outpace production this year.Near-record prices, and production can't keep up with demand. Peak oil, anyone?
"Demand is still growing, particularly in China, and there is only a finite supply of oil out there," said Tom Bentz, an oil broker at BNP Paribas Commodity Futures Inc. in New York.