Crude higher on Iraq pipeline blast

The price of crude oil rose as high as $108.14 in New York on Thursday after an explosion and fire damaged an oil pipeline in Iraq.

Some reports said the explosion was the result of a bomb while others, including the Iraqi oil ministry, have maintained that the cause of the explosion and fire are unknown.

Reports also varied on the effects of the damage, with some saying that oil exports from the southern city of Basra had been cut from 1.56 million barrels per day to around 1.2 million barrels per day while officials said that exports had not been interrupted.

By the end of floor trade on the New York Mercantile Exchange, West Texas Intermediate crude for May delivery was $1.68 higher to $107.58 per barrel, while Brent crude had added 98 cents to $104.97 per barrel on the ICE Futures Europe exchange in London.

Some analysts are predicting that oil could reach $120 per barrel soon.