New York, June 10 ........Oil prices rose by more than USD 1 a barrel on Friday, reversing a three-day decline. Brokers attributed the rise to tough talk from an Iranian cleric and the kidnapping of a senior Iraqi petroleum industry official - proof that the killing of al-Qaida's leader in Iraq did not mark the end of instability in that country.
Also, a Nigerian government official said more than 800,000 barrels a day of the country's oil production was shut - about 60 per cent more than previously reported _ because of violence in the Niger Delta, Dow Jones Newswires reported.
Meantime, Valero Energy Corp. experienced a "total power failure" at its 240,000-barrel-per-day Aruba refinery Wednesday night, a spokeswoman said today, adding that it would be at least two weeks before the plant would be operating at "reduced rates".
Fimat USA oil broker Mike Fitzpatrick said the oil market is staring at a "wall of worry" that includes strong global demand, geopolitical unrest and the Atlantic hurricane season.
Light sweet crude for July delivery was up USD 1.10 to USD 71.45 a barrel on the New York Mercantile Exchange. In London, Brent crude was trading at USD 69.90, up 85 cents on the ICE Futures exchange.
Nymex gasoline futures were up more than 5 cents to USD 2.1575 a gallon, while heating oil prices rose almost 3 cents to USD 2.0130 a gallon. Natural gas prices increased by 10 cents to USD 6.294 per 1,000 cubic feet.
The cost of crude is roughly 30 percent more than a year ago, and US gasoline pump prices average USD 2.90 a gallon.
Oil prices jumped Friday amid news that gunmen kidnapped Muthanna al-Badri, a senior Iraqi oil official in Baghdad, as he was returning home from work.
Also, a Nigerian government official said more than 800,000 barrels a day of the country's oil production was shut - about 60 per cent more than previously reported _ because of violence in the Niger Delta, Dow Jones Newswires reported.
Meantime, Valero Energy Corp. experienced a "total power failure" at its 240,000-barrel-per-day Aruba refinery Wednesday night, a spokeswoman said today, adding that it would be at least two weeks before the plant would be operating at "reduced rates".
Fimat USA oil broker Mike Fitzpatrick said the oil market is staring at a "wall of worry" that includes strong global demand, geopolitical unrest and the Atlantic hurricane season.
Light sweet crude for July delivery was up USD 1.10 to USD 71.45 a barrel on the New York Mercantile Exchange. In London, Brent crude was trading at USD 69.90, up 85 cents on the ICE Futures exchange.
Nymex gasoline futures were up more than 5 cents to USD 2.1575 a gallon, while heating oil prices rose almost 3 cents to USD 2.0130 a gallon. Natural gas prices increased by 10 cents to USD 6.294 per 1,000 cubic feet.
The cost of crude is roughly 30 percent more than a year ago, and US gasoline pump prices average USD 2.90 a gallon.
Oil prices jumped Friday amid news that gunmen kidnapped Muthanna al-Badri, a senior Iraqi oil official in Baghdad, as he was returning home from work.
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