Disruption of Nigerian crude supplies by rebels, the possibility of Iranian oil exports being halted due to political tension and American refineries having trouble turning enough crude into gasoline to meet consumers' needs are the factors dictating market sentiments as crude futures escalate .
Light, sweet crude for May delivery escalated to US $69.32 a barrel on the New York Mercantile Exchange. On London's ICE Futures exchange, Brent crude for June settled at US $70.57 a barrel. It is now apparent that as long as political tensions continue in Nigeria and Iran, crude futures could break next week, their previous trading record of US $70.85 a barrel, reached Aug. 30 after Hurricane Katrina struck the Gulf coast.
14-Apr-06 
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