Oil Boom

Things got hectic for traders at NYMEX, as Western Texas Intermediate (WTI) futures for May delivery soared to $70.40 on Monday. This is the highest since oil futures trade began at NYMEX in 1983, up 1.6 percent from last weekend. The raised tension around Iran’s nuclear issue and Venezuela’s redemption of foreign companies’ rights for exploring oil fields are cited as the reasons for the high oil prices.