Crude oil price hits $70 a barrel
Oil prices leapt above $70 (U.S.) a barrel today and were on target to settle at a record high after rising more than $1 on concerns about supply disruptions in Nigeria and diplomatic tensions between the West and Iran over Tehran's nuclear ambitions.
So long as these geopolitical issues are hovering over the market, analysts said it will be difficult for prices to fall too far - unless there is a significant drop-off in demand, which they aren't yet seeing.
Crude futures first surpassed $70 a barrel in the immediate aftermath of Hurricane Katrina. On Aug. 30, oil prices climbed to $70.85 a barrel, then settled at $69.81.
So long as these geopolitical issues are hovering over the market, analysts said it will be difficult for prices to fall too far - unless there is a significant drop-off in demand, which they aren't yet seeing.
Crude futures first surpassed $70 a barrel in the immediate aftermath of Hurricane Katrina. On Aug. 30, oil prices climbed to $70.85 a barrel, then settled at $69.81.
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