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Crude prices surge on tight U.S. supplies, Nigeria unrest
POSTED: 10:00 a.m. EDT, June 19,2007

Crude prices surged Monday on concerns about tight gasoline supplies in the United States and unrest in Nigeria.

Crude prices rallied last week on concerns of U.S. gasoline reserves during the ongoing driving season after the Department of Energy said the gasoline inventories were unchanged at 201.5 million barrels in the week ended June 8.

On Monday, labor unions in Nigeria, Africa's biggest oil producer, called for a general strike to protest a government price hike on automobile fuel.

Light sweet crude for July delivery jumped 1.09 dollars to 69. 09 dollars per barrel on the New York Mercantile Exchange.

In London, Brent North Sea crude for August delivery rose 71 cents to settle at 72.18 dollars per barrel.

From: xinhua
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