Oil Prices Soar Above $71 A Barrel
Oil prices rose sharply Monday, April 17 on concerns about the supply of crude oil in the key US market, and worries that political problems may crimp supplies from Iran and other oil producers.
Prices for London's benchmark Brent crude hit a record $71.40-a-barrel before easing slightly. Prices of US crude for future delivery briefly touched $70 a barrel in Asian trading.
Iran is the world's fourth-largest oil producer and investors worry the dispute might lead Tehran to cut exports at a time when there is little spare capacity among other oil producers.
Crude prices also are getting a boost from unrest in Nigeria, where rebel attacks have forced oil companies to cut exports.
Prices for London's benchmark Brent crude hit a record $71.40-a-barrel before easing slightly. Prices of US crude for future delivery briefly touched $70 a barrel in Asian trading.
Iran is the world's fourth-largest oil producer and investors worry the dispute might lead Tehran to cut exports at a time when there is little spare capacity among other oil producers.
Crude prices also are getting a boost from unrest in Nigeria, where rebel attacks have forced oil companies to cut exports.
posted by Ottawa Gas Prices | 12:18 PM
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