Reply #3: Crude Oil Prices Rise to $66.81 a Barrel [View All]

[ozymandius]

SINGAPORE - Oil prices rose Monday as the uncertain outlook for crude supplies out of
Iran and Nigeria supported prices amid an absence of fresh news.

Light, sweet crude for May delivery rose 18 cents to $66.81 a barrel in electronic trading on the New York Mercantile Exchange. The contract on Friday closed 52 cents lower at $66.63 a barrel.

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Last week, the crude contract made solid gains in three sessions to surge nearly $3 a barrel on supply concerns linked to U.S. gasoline inventories, which have been falling ahead of the U.S. summer driving season, when demand peaks.

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Oil prices also continued to be supported by fears of more disruptions to supply by militant unrest in Nigeria, which has already taken more than 500,000 barrels per day of oil off the market.

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