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Oil rises to $71 on supply worries

Crude oil rose to $71 a barrel in London today, near a nine-month high, as a strike in Nigeria threatened more of the country's output and Iran remained defiant over its nuclear program, according to Reuters.
Rising tension surrounding two of the world's leading oil producers have coincided with lower OPEC supply and relatively low gasoline stocks in top consumer the United States before the onset of peak summer demand.
London crude climbed 28 cents to $71.00 a barrel by early afternoon. It hit a 9-month high of $71.80 on Thursday. U.S. crude rose 75 cents to $64.93.

Posted by   at 10:51 AM to Oil | Permalink | Comments 0