Tensions send crude prices higher

Crude oil prices were up again on Thursday as worries continue over political tensions in Nigeria and Iran.  The International Atomic Energy Agency will meet next week to decide what, if anything, to do about Iran’s renewed nuclear program.  Should the IAEA decide to take action, oil supplies out of Iran could be disrupted.  Meanwhile, in Nigeria, even though six of nine foreign oil workers who had been taken hostage were freed, militants there have threatened new attacks on oil facilities.

All this sent the price of April contract Brent crude up 80 cents to $63.24 per barrel in evening trade on the International Petroleum Exchange in London.  In late afternoon trade on the New York Mercantile Exchange, West Texas Intermediate crude for April delivery was trading at $62.55 per barrel, a gain of 58 cents.  Nymex gasoline and heating oil were up as well, with front month unleaded gasoline going up 5.56 cents to $1.6780 per gallon and April heating oil gaining 3 cents to $1.7760 per gallon.