Business
Crude prices rise on supply concerns
New York | May 10, 2008 12:01:13 AM IST
Crude oil prices climbed to a yet another record Monday on the New York Mercantile Exchange on reports of supply disruptions in Nigeria and at sea. A supply line that moves169,000 barrels a day shut down in Nigeria after an attack on a pipeline, The Wall Street Journal reported. And a Japanese tanker was attacked by a small boat 275 miles west of Arden, Yemen. The ship was not damaged, but the incident caused a brief rise in oil prices, The New York Times reported. Crude prices, at a record in the morning, climbed 8 cents on the exchange to $117.56 per barrel Monday afternoon. Heating oil prices rose 0.0005 cents Monday to $3.3119 per gallon. Reformulated blendstock gasoline prices rose 0.0029 cents to $2.9820 per gallon. Natural gas prices fell 0.005 cents to $10.728 per million British thermal units. At the pump, the average price for a gallon of unleaded gasoline topped $3.50 for the first time in the United States. Monday's price of $3.503 per gallon was a gain over Sunday's $3.491 per gallon, AAA said. (UPI)
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