LONDON – Oil surged to an 11-month high, above US$75 a barrel on Friday, putting the market within reach of the all-time record of US$78,65 set in August 2006.
Oil is nearing last year’s peaks because production disruptions in Nigeria and output cuts by Opec have raised concerns that global supplies are tightening just as demand is picking up from refiners in top consumer country, the United States. London Brent crude, now seen as a better indicator of the global market, rose 78 cents to US$75,53 a barrel, after touching a session high of US$75,90, its highest since August 2006.US crude rose 69 cents to US$72,50.Nampa-ReutersLondon Brent crude, now seen as a better indicator of the global market, rose 78 cents to US$75,53 a barrel, after touching a session high of US$75,90, its highest since August 2006.US crude rose 69 cents to US$72,50.Nampa-Reuters
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