| In New York Mercantile Exchange (Nymex) the price of February crude reached $58.15 per barrel at GMT 13.30 on Wednesday. |
| In London, the price of Brent North Sea crude for February delivery was hovering above $56 per barrel. Meanwhile, West Texas Intermediate (WTI) cushing spot price was $58.16 a barrel. |
| Crude oil prices are still haunting the oil sector despite its fall from $70 per barrel. In the wake of Hurricane Katrina in August, the cost of a barrel of crude topped $70.85. Oil prices have soared worldwide even as demand continues to outpace production, which was the case in India. |
| "Like never before, the oil industry faced many challenges ranging from satisfying China's ever-rising consumption to storm damage in the key producing region of the Gulf of Mexico in 2005. Hike in petrol, diesel and gas prices have pushed up the prices of commodities in India. The trading floor has also witnessed rise and fall of the crude price internationally," industry sources said. |
| The cost of a barrel of oil surged from $42 at the start of the year to a record $70.85, affecting everything from the cost of raw materials to petrol prices. |
| That price is about $21 higher than had been predicted last year by the energy departments world over. According to the experts, the expensive oil is here to stay and prices should not fall far below the current levels in the coming months. |
| Organisation of the Petroleum Exporting Countries (Opec) had recently said that the prices should stay at today's levels even if it continues pumping oil at its fastest rate in 25 years. |
| Eventually, oil held steady above $ 58 after OPEC had paved the way for a production cut early next year. Many of the analysts believe that the cold weather will prop up prices in the coming months amid strong demand for heating oil. |
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