NEW YORK --- Prices for crude-oil futures remained high in early-morning trading today, propped up by concerns over a damaged U.K. pipeline that has hindered North Sea crude production.
The Wall Street Journal reported that prices hit an 11-month intraday high in early electronic trading. On the New York Mercantile Exchange, the front-month August light, sweet crude contract dipped 4 cents to $73.89 after trading as high as $74.44 a barrel --- the highest for a front month contract since Aug. 10, 2006.
Brent crude on the ICE futures exchange climbed 22 cents to reach $77.79 a barrel. Earlier, it traded as high as $78.40, just 25 cents below the record intraday high reached in August of last year.
OPEC representatives have indicated they have no short-term plans to boost production to ease oil prices.
Originally posted on Fleet Financials