Business
Crude prices have another record day
New York | May 10, 2008 12:01:13 AM IST
Crude oil prices made a record jump Friday on concerns of a sabotaged pipeline in Nigeria, that disrupted a relatively small output source. On the New York Mercantile Exchange, crude prices hit their fourth day of records in the week, hitting $117 per barrel, before settling at $116.81 per barrel late in the day. Militants claimed responsibility for an explosion that stopped about one-fifth of Nigeria's daily output of 2.47 million barrels a day, The Washington Post reported. The disruption was small relative to global supplies, but it goes to show the geopolitical tensions still exist, Nauman Barakat of Macquarie Futures USA told the Journal. Heating oil prices rose 0.0001 cents in late trading to $3.2924 per gallon. Reformulated blendstock gasoline prices, fell 00.14 cents to $2.9879. Natural gas prices fell 0.009 cents to $10.587 per million British thermal units. At the pump, the national average price for a gallon of unleaded gasoline gained fractionally to $3.445 per gallon, up from Thursday's $3,418, AAA said. (UPI)
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