The price of oil briefly jumped to more than $67 per barrel in midday
trading on the New York Mercantile Exchange Thursday, March 30, before settling
back down around $66.85 per barrel.
that analysts blamed the price hike on news that Iran had rejected demands from
the United Nations Security Council that it halt its uranium enrichment
Analysts also said the usual culprits of increasing demand from China and supply disruptions in Nigeria and Iraq have fueled gains in oil prices since the first of
Goldman Sachs, a market analysis firm, predicted that crude oil prices
would average about $69.50 per barrel for the rest of 2006, according to Reuters.
Oil has been above $60 for more than a month, boosted by further
attacks on Nigeria’s pipelines in early March.