Crude peaks at new high

Crude oil prices were up Thursday, reaching a new high in New York, on a number of issues that included a weaker US dollar and the likelihood that the Organization of Petroleum Exporting Countries will not raise production quotas when it meets next month.

What were characterized as “small” disruptions in supply from Nigeria and Iraq, the latter attributed to a problem at a pumping station, were part of the mix of problems that also included a fire at a natural gas terminal in Norfolk, England that pushed prices upward.

Meanwhile, OPEC is not likely to raise production quotas as it again blamed price gains on speculators rather than on supply deficiencies.

April contracts for West Texas Intermediate crude hit a new record at $102.74 per barrel before retreating slightly to $102.59 per barrel just before the close of floor trade on the New York Mercantile Exchange, still a gain of $2.95 over Wednesday’s close.

Brent crude was up $2.83 to $101.10 per barrel on the ICE Futures Europe exchange in London.

Nymex March gasoline was 2 cents higher to $2.50 per gallon while April heating oil gained 8 cents to $2.82 per gallon and April natural gas gained 38 cents to $9.44 per million British thermal units.