If there's any top to oil prices, it isn't apparent yet.
Light, sweet crude for May delivery rose above $118 a barrel Tuesday morning in electronic trading on the New York Mercantile Exchange. That's an increase of 22 cents a barrel over Monday's high.
Supply has been hurt by the militancy and lawlessness in southern Nigeria. Attacks on oil infrastructure have become common there, chopping crude oil deliveries some 169,000 barrels a day in April and May.
Nigeria produces light, sweet crude, which is especially desirable in the U.S. market during the summer gasoline season.
Oil production troubles are also reported in Mexico and potentially Scotland. OPEC is planning to boost production by 2012, but experts say that will do nothing for oil prices now.
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Oil Prices Push to Another Record High
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WSAV-TV
Published: April 22, 2008
Published: April 22, 2008
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