Oil Prices Touch 66 Dollars a Barrel on Lower Supply Outlook

Oil prices touch 66 dollars a barrel on lower supply outlook

NEW YORK, Aug. 11 (Xinhua) — Crude oil prices touched 66 dollars a barrel Thursday after International Energy Agency (IEA) cut its outlook of output by non-OPEC producers.

On Thursday, IEA lowered its non-OPEC forecast by about 200,000 barrels a day, meanwhile, Citigroup Inc. raised its oil-price forecast, saying there was no supply cushion.

On the New York Mercantile Exchange, light, sweet oil futures for September delivery rose to 60 dollar a barrel during intraday trading, the highest level since futures contract began trading in 1983. London’s Brent oil futures for September delivery also climbed as high as 65.47 dollars per barrel, the highest intraday price since 1988.