Supply Threats Raise Oil Prices

Supply Threats Raise Oil Prices

Oil futures rose above $130 again, recovering from early losses as threats against Nigerian oil facilities led investors to at least temporarily set aside concern about falling U.S. gas demand.

Light, sweet crude for July delivery rose $2.18 to settle at $131.03 on the New York Mercantile Exchange, after spending the morning swinging between gains and losses. At its lows, oil was down nearly $3 a barrel.

In other Nymex trading, June gasoline futures gained 6.46 cents to settle at $3.4476 a gallon, and June heating oil futures added 2.51 cents to settle at $3.8243 a gallon.

Natural gas contracts rose 11.5 cents to settle at $11.916 per 1,000 cubic feet.

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