Crude Back Above $60

Updated from 11:02 a.m. EST

Oil prices breached $60 Thursday as traders focused on slimming fuel supplies and an increasing likelihood that OPEC will uniformly trim output this month.

Light, sweet crude, the benchmark contract on the New York Mercantile Exchange, closed at a two-week high of $61.16 a barrel, up $1.33. Heating oil and unleaded gasoline each rose 3 cents, to $1.74 a gallon and $1.60 a gallon, respectively.

Oil prices have risen and fallen this week on whether the Organization of the Petroleum Exporting Countries will uniformly trim production this month. The U.S. Energy Department said in a report on Tuesday that OPEC will only reduce output by less than 800,000 barrels per day, a claim OPEC ministers refuted yesterday. ...