Oil Punches Above $117

Oil continued its meteoric rise Monday, with the price of black gold spiking above $117 a barrel in Asian and European trading, marking a new record high.

The rise followed an attack on a Nigerian oil pipeline owned by Royal Dutch Shell on Friday and comments from an official of the Organization for Petroleum Exporting Countries (OPEC) over the weekend that suggested the cartel did not need to raise production because this would not affect oil prices.

Light, sweet crude for May delivery rose to $117.01 on Monday morning on the New York Mercantile Exchange, from $116.69 late Friday in New York.

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- Posted: 2008-04-21 09:08:02

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