Oil reaches $117 for first time

[cboy4]

Source: BBC



Oil prices crossed $117 a barrel for the first time after a militant group in Nigeria said it had attacked a Royal Dutch Shell-operated pipeline.

Confirmation that production had been hit revived US sweet, light crude, which had fallen more than $2 to $112.7 a barrel earlier.

The initial fall was sparked by the dollar's recovery against the euro - a turn-off for oil's foreign buyers.

But supply fears and uncertainty in oil-rich Nigeria erased those declines.

New York sweet light crude closed up $1.83 at $116.96, while London Brent finished up $1.49 to $113.92 - a new all-time high.




Read more: http://news.bbc.co.uk/2/hi/business/7355121.stm

---

So how much does it cost you to fill up your car each week?

I'm at $50 bucks. :puke: