Crude oil jumped by a single-day record of more than $10 Friday close at a record $138.54 a barrel, marking an almost $16 increase over two days.
Crude rose $10.75 from Thursday’s $127.79 closing price. The previous closing-price record was $133.17 a barrel, set on May 21.
The increase was pegged to concerns over a possible strike looming in oil-rich Nigeria, and a Morgan Stanley report that the price may hit $150 a barrel by July 4.
The late-week increases were also driven by concern the U.S. dollar was falling against euro, after speculation the European Central Bank would raise boost interest rates to curb inflation. Oil is traded in dollars on the Nymex.
Oil fell more than $5 from Monday through Wednesday in closing prices on the New York Mercantile Exchange.
On Thursday, the Energy Department said it would delay scheduled oil deliveries to the Strategic Petroleum Reserve until next spring.
DOE said June 5 will delay delivery of 2.1 million barrels of oil to the SPR until the spring, in an attempt to ease the price surge. The delivery had been scheduled for this summer.
After overwhelming passage by Congress, President Bush signed a measure into law last month that would suspend oil shipments to the SPR through the end of the year if oil remains above $75 a barrel.
