New Nigeria attack helps send oil higher

Crude oil prices jumped again Friday as geopolitical factors affecting or potentially affecting oil production just will not resolve and as the dollar weakened again.

Besides continuing worries about the situation between Turkey and Kurdish rebels in northern Iraq and new sanctions by the US against Iran, rebels launched another attack against an oil facility in Nigeria, cutting 50,000 barrels per day in production at an oil rig operated by an Italian oil group.

Brent crude added 62 cents to $88.10 per barrel on the ICE Futures Europe exchange in London, while December contracts for West Texas Intermediate crude closed $1.40 higher at $91.86 per barrel after going as high as $92.22 in electronic trading.

While WTI hasn’t reached its inflation-adjusted all-time high of $101.70 per barrel, reached in April 1980, some analysts believe now that it is only a matter of time until prices reach that level.

Nymex November gasoline was up 4 cents to $2.28 per gallon and December heating oil gained 1 cent to $2.44 per gallon, while December natural gas dropped 2 cents to $7.80 per million British thermal units.