Crude Price Crossed $70 Mark

Crude prices crossed over the $70 a barrel mark on tensions between Iran and the US, combined with continuing fighting in Nigeria are set to push up oil prices towards a record $80 in the summer of 2007.

London's Brent crude closed $1.08 higher at $70.60, in the US light sweet crude rose 26 cents to close at $65.77.

US light, sweet crude for July delivery rose 21 cents to $64.39 a barrel in electronic trading on the New York Mercantile Exchange in Singapore.