Crude Prices Edge Higher

Crude Prices Edge Higher

Oil prices rebounded sharply from a dip below $132 a barrel, ending higher Thursday in another volatile session fueled by a rising dollar and concerns about supplies. Gas prices reached new record at the pump, rising to a national average of $4.06 a gallon, and are likely to keep climbing.

Light, sweet crude for July delivery rose 36 cents to settle at $136.74 a barrel on the New York Mercantile Exchange.

Oil prices recovered from an earlier dip as low as $131.55 on reports that Nigeria’s state owned oil company will take over oil operations in parts of the country from Royal Dutch Shell, PLC, a move traders believe could cut output.

In other Nymex trading, July heating oil futures fell 3.21 cents to settle at $3.9427. Gasoline futures rose 6.02 cents to settle at $3.5260 a gallon. Natural gas added 13.8 cents to settle at $12.798 per 1,000 cubic feet.

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