Oil Vacillates on Nigerian Explosion, Dollar Strength

Oil prices up $1 this morning to $116 after a Nigerian militant group sabotaged a vital pipeline. Prices had declined $2 to $115 per barrel yesterday on a resurgent dollar. Speculators are also growing more confident that concerns over inflation will forestall more cuts from the Fed. As of 07:37 Light Crude for June delivery is trading at $116.06 per barrel on NYMEX.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.