As geopolitical tensions keep the market nervous about supplies, world oil prices spiked by almost a dollar a barrel on Monday, with futures hitting a record in London and a seven-month high in New York. The key market fears are Iran's nuclear standoff with the international community and violence in Nigeria that has forced the shutdown of more than half a million barrels a day of supply, along with news that 300,000 bpd of Gulf of Mexico production remains off the market as a result of last summer's hurricanes.
May Brent crude on London's ICE futures exchange settled at US$68.75 a barrel- surpassing the Aug. 30 intraday record of US$$68.89. On Monday, light sweet crude for May delivery rose to US$68.74 a barrel on the New York Mercantile Exchange, the highest close since Sept. 1, 2005.
11-Apr-06 
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