Oil Prices Breach $120 Per Barrel
Posted on: Monday, 5 May 2008, 18:00 CDT
Crude oil prices settled at just less than the $120-per-barrel level Monday in New York after topping that mark in midday trading.
Crude prices hit $120.36 a barrel in the early afternoon, then eased back slightly to $119.95 per barrel.
Price pressures have come from supply jitters, as the dollar gained strength most of the previous week.
A threatened port workers strike in France added to concerns.
In Nigeria, a series of MEND -- the Movement for the Emancipation of the Niger Delta -- attacks on Royal Dutch Shell pipelines have taken 600,000 barrels a day off line, Addison Armstrong, an analyst at Tradition Energy, told The Wall Street Journal Monday.
On the New York Mercantile Exchange, heating oil prices gained 0.0004 cents Monday to $3.3069 per gallon. Reformulated blendstock gasoline prices fell 0.0026 cents in late trading to $3.0503 per gallon. Natural gasoline prices rose 0.004 cents to $11.182 per million British thermal units.
At the pump, the national average for a gallon of unleaded gasoline in the United States retreated, falling to $3.611 per gallon, off 0.003 cents from Sunday's price of $3.614, AAA said.
Source: United Press International
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