New York oil price crosses 120 dollars for first time

[Xenotime]

Source: Breitbart

Oil prices crossed 120 dollars a barrel here Monday following fresh unrest in Nigeria, Africa's largest oil producer.
New York's main oil futures contract, light sweet crude for June delivery, briefly hit 120.20 dollars, before slipping back at 1520 GMT to 120 dollars, a gain of 3.68 dollars from the closing price on Friday.

The price surge came on supply jitters from Nigeria and geopolitical tension in Iran, analysts said.

Volumes were light, however, as the British and Japanese markets observed a public holiday.



Read more: http://www.breitbart.com/article.php?id=080505155615.a4coj6jx&show_article=1

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The brits are going to come back from holiday and say, "What the ...?!?"

[BOSSHOG]

1. For george bush - MISSION ACCOMPLISHED

[marmar]

2. How long are they going to keep using that tired Nigeria excuse?

:argh:

[brokensymmetry]

3. Really?

Get back to me when it hits $200 per barrel.

It won't be long...

[endarkenment]

4. Where is the next goalpost?

Last I heard, 120 wasn't possible. The again, 100 wasn't possible either, nor was 80. 200?

[dipsydoodle]

5. Conveniently misses out

contibutions to the issue by facors involving northern Iraq whereas the Beeb link mentions that :

The price of a barrel of oil has risen above $120 for the first time, driven by concerns about the situations in Nigeria and northern Iraq.
>
In Northern Iraq, Turkish forces have renewed cross-border raids against Kurdish insurgents.
http://news.bbc.co.uk/1/hi/business/7384427.stm

Odd that. I'da thunk the great American public would be interested what's stoking up the price of their fuel especially where due to Iraq and associated problems as a result of unwarranted nose poking there.:sarcasm: