EIA: Oil To $60 In 2005 4Q

John Cook, chief oil statistician of the US EIA, says oil is headed to $60/bbl, possibly for as long as a month.

"I think we will see new records, not necessarily by much, but I think we may even average $60 for a month," Cook said. "The demand growth is going to be there, and the inventory surpluses we have are pretty paltry to begin with, and they are going to disappear. We are not going to have much spare capacity at all in the fourth quarter."