US crude oil prices extended their push beyond the $60-a- barrel level yesterday while soyabeans made further strong gains, dragging corn and wheat prices higher.
Oil prices rose after US inventories data released yesterday showed larger-than-expected falls in crude and petrol stocks ahead of the start of the US summer driving season on Monday.
Also lending support was disruption to several US refineries by fires this week that has pushed cash prices in New York and the US Gulf Coast higher. Nymex July West Texas Intermediate reached a high of $62.14 before easing back to trade $1.30 higher at $61.40 a barrel. ICE July Brent gained $1.18 to $61.10 after reaching a high of $60.72.
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