Oil Prices Surge Above $55 a Barrel

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The price of crude oil rose Friday, fueled by a terrorist attack in Saudi Arabia and refinery problems in the U.S. that triggered supply concerns.


Light, sweet crude for June delivery jumped $1.19 to settle at $55.39 a barrel on the New York Mercantile Exchange. Gasoline futures climbed 3.23 cents to $1.653 per gallon, and heating oil futures rose 1.11 cent to $1.5451 per gallon. In London, Brent crude for June delivery was up 96 cents at $54.97 per barrel on the International Petroleum Exchange.


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