Dispatch:
Oil prices hit a new intraday high near $76 a barrel Thursday in a market agitated by escalating violence in the Middle East and news of explosions on Nigerian pipelines....
...Light, sweet crude for August delivery on the New York Mercantile Exchange shot up 94 cents to $75.89 a barrel, surpassing the previous intraday high of $75.78 set last Friday. By midday in Europe, the price eased back to $75.82, up 87 cents.
Front-month August Brent on London's ICE Futures exchange also hit a high, climbing $1.18 to $75.57 a barrel, above its previous $75.09 per barrel high set Friday.
"With little prospect of any good news on Nigeria, Iran and global demand any time soon, the risks remain on the upside and the prospect of a move to, and through, $80 per barrel must be very real, very soon," said Paul J. Harris, head of energy and emissions at Bank of Ireland Global Markets in Dublin, Ireland...
Trade in that SUV before it is worth only a nickel.
