Oil Price Update

Crude oil prices spiked again today surging over $147US a barrel. Continued tensions in the Middle East and concerns of renewed violence in Nigeria have now pushed the price to the new record intraday peak of $147.27.

Oil jumped more than $5 a barrel today on the New York Mercantile Exchange but, at last word, had slipped back a bit to $146.85.

The surge today completed a rebound from the first two days of the week, when it fell $10. JBC Energy in Vienna, Austria says the news about Iran and Nigeria, as well as a reported threat of a Brazilian oil workers’ strike were enough to wake the market from its two-day slumber.