DETROIT – The price of crude oil jumped last week on concerns about possible terrorist attacks in Nigeria. The ripples from the concern about oil shipments from Nigeria helped push up the price of crude to nearly $59 per barrel.
Some analysts began speculating about prices reaching even $70 per barrel, putting a crimp in the optimistic predictions that crude oil prices would slide back closer to $40 per barrel, which could offer motorists some welcome relief from prices that have become the equivalent of a tax on economic growth.
Earlier in the week ministers from Organization of Petroleum Exporting Countries (OPEC) cautioned they didn’t have much spare capacity available to reduce the cost of crude on the global market, according a report in The New York Times. Strong demand for gasoline in the U.S. is helping drive up prices, analysts noted.
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