Oil At $58, Near Record, After Nigeria Threat

Oil prices climbed more than a dollar a barrel to $58 on Friday, near an all-time high, after the closure in oil producer Nigeria of Western embassies following what a diplomat said was a terrorist threat.

Concerns about the ability of U.S. refiners to cope with strong U.S. demand, despite rising fuel costs, also helped propel prices close to April’s $58.20 a barrel record.

U.S. crude by 1545 GMT was up $1.47 at $58.05 a barrel, just off a session high of $58.10. London Brent traded $1.18 higher at $57.40 a barrel, near a record $57.65 also set in April.

The price for U.S. December crude futures touched $60 a barrel.
Reuters