EMC’s Business Finance blog

Crude-oil futures climbed Tuesday to reclaim the $135-a-barrel level, rebounding after a steep decline in the previous session as traders weighed concerns about global production against expectations for a slowdown in demand.
“The familiar divide — higher on supply worries, lower on demand concerns — is setting the tone again,” said Michael Fitzpatrick, an analyst at MF Global, in a note to clients.
Crude oil for July delivery climbed as high as $137.98 a barrel in electronic trading on Globex. It’s pulled back a bit to trade at $135.34, up 99 cents on the New York Mercantile Exchange.
The secretary general of the Organization of the Petroleum Exporting Countries, Abdalla Salem el-Badri, told Reuters Tuesday at the Reuters Global Energy Summit that the record-high oil price was “unbearable” and “there is no shortage now and in the future.”