Oil

SINGAPORE (AP) - Oil prices peeked above $60 a barrel in Asia as investors looked to a weekly inventory report for clues on U.S. gasoline demand.

China’s Sinopec will acquire oil explorer Addax Petroleum for $7.2 billion, again flexing the country’s economic clout in what would be the largest overseas takeover ever by a Chinese company.

Deputy Minister of the Finance Ministry Mr. Puettachai Dumrongrut revealed on June 23, that the government is mulling over the idea of revising a new rate of gasoline excise tax due largely to the oil prices constantly increasing. Previously, the crude oil was only $40 dollars per barrel, but now the price is reaching $70 dollars per barrel.

BRISBANE, Australia (AP) — The Australian government sent a navy mine hunting ship to search Monday for hundreds of tons of chemicals lost overboard during a mishap that also blackened miles of beaches with fuel oil.

The US Energy Department recently raised its short-term gasoline price forecast, saying it will peak at a monthly average of about $3.73 a gallon in June, 13 cents higher than its previous forecast.