U.S. crude oil prices jumped today above the record high of $115.54 posted on Thursday, as a sabotage in a pipeline in Nigeria rose concerns that demand may increase.
For the first time, oil futures hit a record of $116.10 a barrel in Friday trading in the New York Mercantile Exchange
Crude oil futures for May delivery were up 0.59 cents or 0.51 percent to $115.45 a barrel at 11:23 a.m. in the New York Mercantile Exchange.
The main militant group in the richest crude oil region in Nigeria said it sabotaged a pipeline which was operated by a unit of Royal Dutch Shell OIC on Friday, Marketwatch reported.
Earlier Friday, prices in New York dropped to $113.68 as the dollar recovered from an all time record low against the euro.
Brent crude rose 0.47 cents or 0.42 percent to $112.50 a barrel on the London ICE Futures Exchange on Friday.