Oil tops $30 per barrel; more volatility expected
NEW YORK - Oil prices rose above $30 a barrel Thursday for the first time since war broke out in Iraq as concerns about worldwide supplies replaced early hopes for a quick end to the conflict.
The price of oil futures has risen nearly 13 percent since last Friday, when it dropped to a three-month low.
Traders' worries include: Commercial inventories of crude are extremely low in the United States before the summer driving season; Iraqi exports have ceased and supplies from Nigeria and Venezuela are down; analysts say the extra petroleum being pumped by Saudi Arabia and other OPEC members to offset that shortfall hasn't entirely reached U.S. shores.