Crude oil futures hit $70 a barrel

Posted 4/17/2006 9:20 AM ET

LONDON (AP) — Crude oil futures hit $70 a barrel for the first time in seven-and-a-half months Monday, pushed higher by concerns over declining gasoline stocks in the U.S., supply disruptions in Nigeria and tension over Iran's nuclear program.

Light, sweet crude for May delivery briefly touched $70 a barrel before easing to $69.73 a barrel in European trading — up 28 cents from Thursday's close. The Nymex was closed for the Good Friday holiday.

The last time crude futures surpassed $70 a barrel was on Aug. 30 when they traded at a record $70.85 a barrel, after Hurricane Katrina struck the Gulf coast.