Oil hits 10-month high on Nigerian strike threat

Oil surged above US$72 a barrel Monday to a 10-month high as a general strike loomed in Nigeria and attacks on oil installations cut more supply from the world’s eighth largest exporter.

Low U.S. gasoline inventories at a time of peak summer demand also is boosting the market, analysts said, along with a possible oil workers’ strike in Brazil next month and OPEC’s reluctance to boost oil output.