Oil Sets New Record Near $147 a Barrel

[sabra]

Source: ABC News/AP


Oil Prices Close to $147 With Persistent Concerns of Conflict in the Middle East and Nigeria


Oil prices spiked Friday as continued tensions in the Middle East and concerns of renewed violence in Nigeria pushed the price for a barrel of oil to a record near $147.

By midday in Europe, light, sweet crude for August delivery jumped $5.25 to $146.90 on the New York Mercantile Exchange.

Oil prices had fallen $10 over two days to start the week and as oil rebounded Friday, Dow Jones industrial average futures fell more than 120 points.

In London, August Brent crude soared $4.92 to $146.95 a barrel on the ICE Futures exchange after hitting a record $147.25.

"There's always a fear premium in pricing. The tensions in Iran and the threat of supply disruption will help support oil prices," said Jeff Brown, managing director of FACTS Global Energy in Singapore.

JBC Energy in Vienna, Austria, said the news about Iran, Nigeria, as well as a reported threat of a strike by oil workers in Brazil were "enough to wake the market from its two-day slumber."

Read more: http://abcnews.go.com/Business/PainAtThePump/wireStory?id=5353919

[azurnoir]

1. This could get worse

lots worse if there is even a pinch of truth to this report and perhaps even if there isn't

"Israeli fighter jets have been flying over Iraqi territory for over a month in preparation for potential strikes on Iranian nuclear facilities, sources in the Iraqi Defense Ministry told a local news network Friday, adding that the aircraft have been landing in American bases following the overflights.

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