Oil continues to rise in price

The price of May futures contracts for WTI brand oil in the Electronic System of the New York Model Exchange (NYMEX) this morning increased by another 0.9%, to 31.32 dollars per barrel, Bloomberg reports. Yesterday, the price of May futures on WTI rose 2.9%. The quotation of May contracts on Brent to NYMEX rose by $ 1.16, to $ 27.56 per barrel, and on the International Oil Exchange in London V to $ 27.18 per barrel. The price of Russian oil Urals yesterday amounted to $ 26.03 per barrel, which is 0.66 dollars above the price of the Spot price on Friday.

Oil is getting more expensive not only because of the protracting war in Iraq: Nigeria reduced the volume of oil production due to the clashes of government forces caused by ethnic conflicts with the rebels. Compared to February, oil exports from Nigeria fell by 37%.