Crude oil prices hit $61 a barrel

| 6/27/2005

Crude oil prices hit record highs again today – climbing to $61 a barrel in mid-day trading before dropping slightly by the end of the business day.

Analysts say the election of an ultra-conservative president in Iran – who wants to nationalize the country’s oil industry – is helping drive oil prices higher.

Meanwhile, Saudi Arabia and Nigeria say they favor raising oil output by 2 percent to ease prices.