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Oil prices spike to $106

LONDON: Oil prices steadied on Thursday after rising to a record near $106 a barrel due to a surprising drop in U.S. crude supplies and a new low for the dollar against the euro.

Also supporting oil prices were OPEC’s decision to hold its output steady and an escalating crisis involving three oil-producing South American nations.

By the afternoon in Europe, light, sweet crude for April delivery was unchanged from the previous day’s close at $104.52 a barrel in electronic trading on the New York Mercantile Exchange. Earlier, prices briefly spiked to a new high of $105.97 a barrel before retreating.

Some traders attributed the sudden jump to news of a minor blast early on Thursday that damaged a military recruiting station in Times Square in New York.

On Wednesday, the April contract had jumped $5 to settle at a record $104.52 a barrel and later rose to $104.95 in post-settlement electronic trading..

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