LONDON --- Production disruptions in Nigeria, along with the specter of potential sanctions against Iran because of its nuclear ambitions, have sent crude oil prices climbing.
The New York Mercantile Exchange saw light sweet crude for April delivery rise 98 cents to reach $62.95 a barrel. Brent crude for April rose 79 cents to reach $63.24 a barrel on London’s ICE Futures exchange. Gasoline futures increased more than 6 cents to hit $1.6825 a gallon.
Nigerian militants yesterday released six of the nine foreign oil workers kidnapped on Feb. 18.
Originally posted on Fleet Financials