New Oil Record Seen

July 11, 2008 7:28:41 AM PDT
Crude oil prices have risen to a new trading record above $147 a barrel. Traders are reacting to rising tensions between the West and Iran as well as fears of attacks on Nigerian oil facilities.

Light, sweet crude for August delivery jumped $4.69 to $146.34 a barrel in early trading on the Nymex, after reaching an all-time high of $147.27.

Crude had fallen by nearly $10 a barrel over two days at the start of the week, but rebounded by more than $5 a barrel yesterday as anxiety heightened about Middle East and Nigerian supplies being disrupted.