instead of driving:
WASHINGTON, Apr 17, 2006 (AP Worldstream via COMTEX) – Oil prices settled at a record high above $70 a barrel on Monday, rising more than $1 on concerns about supply disruptions in Nigeria and diplomatic tensions between the West and Iran over Tehran’s nuclear ambitions.
So long as these and other geopolitical issues persist, analysts said it will be difficult for prices to fall too far, unless there is a significant drop-off in demand, which they aren’t yet seeing. In the short-term, oil prices could climb above $75, they said.
“Where the top is pretty hard to say at this point,” said New York-based oil broker Tom Bentz.
Light sweet crude for May delivery settled at $70.40 a barrel on the New York Mercantile Exchange, an increase of $1.08 from Thursday’s close and 59 cents above the previous closing record set last August. The exchange was closed Friday.
On London’s ICE Futures exchange, Brent crude oil futures settled 89 cents higher at a record $71.46 a barrel.
The gasoline market was also delivered a jolt on Monday, with Nymex gasoline futures jumping 6.18 cents to settle at $2.1697 a gallon _ the highest level since late September. At the retail level, the nationwide average for regular unleaded is $2.78 per gallon, or 55 cents higher than last year, according to the Energy Department.
Crude futures first surpassed $70 a barrel on Aug. 30 in the immediate aftermath of Hurricane Katrina. Prices climbed as high as $70.85 a barrel during the day, and then settled at $69.81.
Foot Action