Crude Oil Surged On Nigeria Violence

Crude oil prices soared above $65 a barrel Monday amid clashes in Nigeria, which could result in supply disruptions. Gasoline prices climbed as well.

Last week, U.S. gasoline inventories stood at the lowest level since October 2005 and were about 3 percent below the level at this time last year, Citigroup Global Markets energy analyst Tim Evans said. The price of gasoline on the futures market and at the pump historically peaks ahead of the summer driving season — when concerns about supplies reach a crescendo.

Light, sweet crude for June delivery climbed $1.78 to settle at $65.89 a barrel on the New York Mercantile Exchange.