Oil price soars towards 106 dollars after New York explosion

Record-breaking oil prices spiked close to 106 dollars on Thursday after the market was rattled by news of a small explosion in New York and following a surprise fall in US crude stockpiles.

New York's main oil contract, light sweet crude for delivery in April hit 105.97 dollars per barrel, surging above 105 dollars after topping the previous record of 104.95 dollars set on Wednesday.

Brent North Sea crude for April jumped to 102.95 dollars, beating its previous all-time peak of 102.29 dollars set on Monday.

Police cordoned off a section of New York's Times Square early Thursday after a small explosion near a military recruiting station, officials said.

Read Full Article from AFP

- Posted: 2008-03-06 09:56:27

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