Crude Oil Closes Above $70 a Barrel for First Time

April 17, 2006 4:00 PM, EDT

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rude oil futures closed at $70.40 a barrel on the New York Mercantile Exchange Monday, setting a closing-price record, Bloomberg reported.

The ending price was the first time oil has closed above $70 a barrel on the Nymex, topping the previous record of $69.81 set on Aug. 30, immediately following Hurricane Katrina’s landfall.

Futures had reached $70.85 in intraday trading on Aug. 30.

Oil is soaring in part on concerns over Iran’s nuclear program potentially disrupting Middle East oil shipments, Bloomberg reported.

Monday's price was $1.08 higher than Thursday's $69.32 closing price. The Nymex was closed on Friday in observance of Good Friday.

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