Oil Prices Linger Near 11-Month High
NEW YORK --- The price of crude-oil futures remained near an 11-month settlement high early today, the Wall Street Journal reported. The front-month August light, sweet crude contract on the New York Mercantile Exchange reached $72.68 a barrel after falling as low as $72.01 in early electronic trading. Prices closed Friday at $72.81 a barrel. That's the highest price for a most-active contract since Aug. 15 of last year. Brent crude on the ICE futures exchange climbed 27 cents to $75.89 a barrel, the Wall Street Journal reported.Unrest in Nigeria has increased concerns over supply at a time when the U.S. is experiencing refinery problems and facing increased tensions with Iran. Last night, hours after a three-year-old British girl was freed by kidnappers in Nigeria, four more people were abducted in the Niger Delta.According to Reuters, gunmen attacked oil workers while they were repairing an oil pipeline that had been repaired on July 2 after being sabotaged in 16 different places in 60 days. Nigerian oil production is currently down more than 20 percent because of militant attacks on oil facilities.