Crude Oil Spikes to $68 a Barrel

January 20, 2006 12:30 PM, EST

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rude oil prices reached $68 a barrel, not far off the all-time record, in reaching a four-month high Friday, Bloomberg reported.

Benchmark light sweet crude oil futures were up from Thursday’s close of $66.83, on concerns over threats to Nigerian supplies and over potential volatility to Iranian supplies, Bloomberg said.

Oil prices have crept higher since the end of last year, when they topped $60, and have risen steadily since then.

Prices reached an all-time record $70.85 a barrel on Aug. 30, the day after Hurricane Katrina hit New Orleans, sending retail diesel and gasoline prices soaring to record highs in September and October.