Crude oil up on political, supply concerns

Crude oil prices were up on Thursday on worries that supplies will become tighter as demand rises, especially in light of continuing uncertainties over supply problems in Nigeria, Russia, and some non-OPEC producers.  The International Energy Agency said that in order to meet demand, OPEC will need to increase production this year.  The continuing situation in Iran over its uranium enrichment program also contributed to the rise in prices.

Brent crude June contracts on the International Petroleum Exchange were up 36 cents to $70.22 per barrel.  Brent reached a record $70.30 per barrel in earlier trade during the day.  Meanwhile, May delivery West Texas Intermediate crude added 28 cents to $68.90 per barrel on the New York Mercantile Exchange.