Crude Oil Futures Continue to Rise, Nearing Record

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rude oil futures prices rose again Tuesday, closing at $68.89 on the New York Mercantile Exchange Tuesday, up 15 cents from Monday’s close and the highest closing price since Sept. 1, Bloomberg reported.

Benchmark light sweet crude futures are nearing the $70.85 intraday record reached last Aug. 30 following Hurricane Katrina and the record closing price of $69.81, also set Aug. 30.

Oil traders cited political instability in Nigeria and Iran’s announcement Tuesday that it has enriched uranium for the first time, Bloomberg reported.

The price of oil has risen 13% this year, and Nigeria’s violence has cut the output from that country, an OPEC member, by almost a quarter, Bloomberg said.