WTI sets new record above $147 per barrel

Crude oil prices on the New York Mercantile Exchange rose to a new record at $147.27 per barrel Friday before falling back to close at $145.06, still a gain of $3.41 over Thursday’s close even though it missed a new closing record by a bit.

Brent crude for August delivery added $1.52 to $143.55 per barrel.

The gains came on continued worries about the political situations in Nigeria and the Middle East as Nigerian militants promised to resume attacks on oil facilities there and after rumors, denied by all parties, spread that Israel had been conducting military exercises in Iraqi airspace.

Also pushing prices higher was anticipation of a 5-day strike scheduled for next week by Brazilian oil workers which will affect 42 offshore platforms which account for over 80 percent of Brazil’s daily production.

Nymex August gasoline added 3 cents to $3.54 per gallon after setting a new record at $3.63 per gallon while August heating oil was up 4 cents to $4.07 per gallon, but nor before going as high as $4.14 per gallon.

September natural gas futures on Nymex was up to $13.69 per million British thermal units before falling 20 cents below Thursday’s close to $12.19 per mBtu.