WASHINGTON -- Oil prices zoomed to a 4 1/2-month high above $68 US a barrel yesterday, rallying on supply fears tied to Iran's tense diplomatic standoff with the West over its nuclear ambitions.
Labour unrest in oil-rich Nigeria and new threats from al-Qaida contributed to traders' jitters at a time when global petroleum demand is high and the emergency supply cushion is thin.
Light sweet crude for February delivery rose $1.52 to settle at $68.35 US on the New York Mercantile Exchange. Heating oil rose more than seven cents to $1.8672 a gallon.
PIN/AP
News ID 77718
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