Geopolitical worries send crude prices higher

Crude oil prices were higher Friday as investors became less worried that a recession will hurt demand as well as on fears of supply disruptions as the situation in Nigeria, where militants have been attacking oil facilities, continues to get worse.

There were also fears that Venezuela could do something to strike back after a court order in the United States froze the assets of the South American nation’s state-owned oil company to compensate ExxonMobil (NYSE: XOM) for losses it sustained when Venezuela nationalized some oil projects there.

Additionally, it was reported that production at a North Sea oil field is down by nearly 300,000 barrels per day due to technical difficulties while rumors continued that the Organization of Petroleum Exporting Countries could cut production.

March contracts for West Texas Intermediate crude closed floor trade up $3.66 to $91.77 per barrel on the New York Mercantile Exchange while Brent crude added $3.12 to $91.72 per barrel on the ICE Futures Europe exchange in London.

Nymex March gasoline and heating oil were each 9 cents higher, to $2.36 per gallon and $2.55 per gallon respectively, while March natural gas gained 18 cents to $8.29 per million British thermal units.