Oil Prices Hit a New High Near $76 US a Barrel Thursday

Oil prices hit a new intraday high near $76 US a barrel Thursday in a market agitated by escalating violence in the Middle East and news of explosions on Nigerian pipelines.

With little prospect of any good news on Nigeria, Iran and global demand any time soon, the risks remain on the upside and the prospect of a move to, and through, $80 per barrel must be very real, very soon.

The hurricane season in the Gulf of Mexico could be a catalyst for even more price spikes.

Also weekly US government data showed a sharp decline in domestic crude oil inventories.