Light sweet crude continues to climb on the New York Exchange, hitting $58.15 during midday trading. Breaking the record $58.28 set back in early April seems inevitable at this point as prices continue to climb with no end in sight. Gas prices are no better today. Gas opened at $1.62 today and up to $1.65 on the midday. The latest major issue is OPEC member nation Nigeria. Germany, the U.S. and the U.K. both closed their embassies in Nigeria for unspecified security concerns. Nigeria is the largest producer in Africa, the 11th largest producer in the world and the 5th largest source of U.S. imports. Nigeria produces nothing by light sweet crude, considered the best product for refining gasoline and distillates.
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