End to Oil Price Rise Not in Sight Yet
The price of crude oil pushed to a new high after a militant group in Nigeria said it sabotaged a major oil pipeline operated by a Royal Dutch Shell PLC joint venture and promised further attacks on the country’s petroleum industry.
A Shell spokeswoman confirmed the damage to the pipeline appeared to have been caused by explosives. Nigeria is a major supplier of oil to the U.S.
Light, sweet crude for May delivery rose to a new trading record of $117 in after-hours electronic trading after settling $1.83 higher at a record $116.69 a barrel on the New York Mercantile Exchange. It was the fifth day in a row crude prices set new records.
At the pump, the national average price of regular gas rose 2.7 cents overnight to a record $3.445 a gallon, according to a survey of stations by AAA and the Oil Price Information Service. Diesel fuel added 2.2 cents to a record national average of $4.168 a gallon.
May gasoline futures rose 3.15 cents to settle at a record $2.9893 a gallon after earlier rising to a new trading record of $2.9934 a gallon. Heating oil futures added 2.49 cents to settle at $3.2923 a gallon.
Natural gas contracts gained 20.4 cents to settle at $10.587 per 1,000 cubic feet.
